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L’Oreal shares slump on disappointing sales

L’Oreal shares slump on disappointing sales
AFP
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First Published: Wed, Jul 13 2011. 06 24 PM IST
Updated: Wed, Jul 13 2011. 06 24 PM IST
Paris: Shares in global cosmetics leader L’Oreal slumped by 3.94% in early trading on Wednesday in response to second-quarter sales figures judged disappointing by analysts.
L’Oreal said that sales growth in the second quarter fell to 0.9% despite a 5.0% sales increase over the whole of the first half to €10.1 billion ($14.4 billion).
Analysts said the slowdown reflected disappointing results in Europe where sales grew by 1.4% in the first half.
L’Oreal said that half-year sales grew by 10.1% in new markets.
In the second quarter, €4.9 billion in sales was below the €5.09 billion forecast compiled from analysts by Dow Jones Newswires.
The price of shares in the group fell 3.94% to €84.43 in a slightly falling market.
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First Published: Wed, Jul 13 2011. 06 24 PM IST
More Topics: France | Cosmetics | LOreal | Sales Growth | Shares |