L'Oreal shares fell more than 7% in early deals Friday as the company reported lower-than-expected sales and pointed to a slowdown in demand in Asia.
L'Oreal shares fell more than 7.3% in early deals Friday as the company reported lower-than-expected sales and pointed to a slowdown in demand in Asia.
The world's largest beauty brand on Thursday reported fourth-quarter sales below estimates, rising 2.8% to 10.6 billion euros . Barclays analysts had anticipated a figure near 10.9 billion euros, according to Reuters. The quarterly shortfall was led by activity in North Asia, including China, where sales fell 6.2% over the three-month period. Sales were otherwise up in Europe and North America.
The luxury sector has been under pressure since late 2023, as tough macroeconomic and geopolitical conditions have weighed on consumer spending, notable in the U.S. and China.Still, certain high-end brands appear to have bucked the trend, continuing to attract increasingly selective shoppers.were up 5.1% Friday after reporting a surge in sales as wealthy consumers continue to seek its exclusive Birkin handbags and silk scarves despite rising prices.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
L'Oréal (OR) Q4 Earnings 2023: Revenues Rise 2.8 PercentL'Oréal (OR) earnings are in: sales rise 2.8 percent, bolstered by business from the Dermatological Beauty division and emerging markets.
Read more »
World’s Richest Woman Loses $7 Billion On L’Oreal’s Worst Day Since 2008I'm a New Jersey-based Senior Reporter on our news desk. I graduated in 2021 from Duke University, where I majored in Economics and served as sports editor for The Chronicle, Duke's student newspaper. Send tips at dsaulforbes.com.
Read more »
Friday, a cultural milestone, was the warmest day this monthFriday reached 63 degrees in Washington, a high temperature more suited for early April than early February.
Read more »
Record warmth possible Friday in Chicago area, but cooldown loomsThe Chicago area is going to see one more day of very warm weather, but a cooldown also looms in the forecast for the region.
Read more »
Snow heading to the Denver metro area FridayStacey is a certified meteorologist with Seals of Approval from the American Meteorological Society and the National Weather Association.
Read more »
Friday Music Guide: New Music From Usher, Kacey Musgraves, Noah Kahan and MoreThis week's new music comes from Usher, Kacey Musgraves, Noah Kahan and more.
Read more »