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L’Oreal shares shine as cosmetics sales leap
PARIS, Oct 30, 2019 (BSS/AFP) – Shares in France’s L’Oreal, the world’s
biggest cosmetics company, soared six percent Wednesday after Asia led to the
group’s best rise in sales in the past decade.
Sales rose 11 percent to 7.18 billion euros ($7.9 billion) in the third
quarter, outperforming a Factset analyst consensus forecast of 7.039 billion.
Nearing midday, shares in the second largest firm on the Paris CAC40
exchange by market capitalisation were up 6.8 percent in a market up 0.3
percent overall.
Analysts at Invest Securities noted that the sales results “were
slightly above those achieved in the first half” of the year, and showed “the
effects of a beauty products market which remains dynamic” and an improving
performance for L’Oreal’s luxury brands.
Without laying down a figure, L’Oreal reaffirmed its ambition to
outperform growth in the sector this year.
For the first nine months of the year, sales were up 10.7 percent.
Last year, the group turned in net profit of 3.89 billion euros.
BSS/AFP/IJ/1740 hrs