L'Oreal Shares Plummet After Sales, Profit Miss
By Helena Smolak
L'Oreal shares slumped early trading Friday after the company posted sales and profits below analysts' forecasts for 2023 amid a stagnating beauty market in China.
At 0826 GMT shares of L'Oreal traded 6.3% lower at EUR424.60, having reached their one-year high of EUR455.75 on Monday.
The French cosmetics giant said late Thursday that it posted sales of 41.18 billion euros ($44.39 billion) for 2023, up 7.6% in reported terms and 11% on a like-for-like basis.
L'Oreal's annual net profit increased 8.4% to EUR6.18 billion, while operating profit--closely watched by analysts and investors--grew 9.2% to EUR8.14 billion.
Analysts had forecast annual sales of EUR41.49 billion on a net profit of EUR6.25 billion and operating profit of EUR8.21 billion, according to consensus estimates by Visible Alpha.
Write to Helena Smolak at helena.smolak@wsj.com
(END) Dow Jones Newswires
February 09, 2024 03:44 ET (08:44 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.-
Markets Brief: Tech Stocks Lead Ahead of Nvidia Earnings
-
How Anti-Obesity Drugs Are Innovating the Healthcare Market
-
What’s Happening In the Markets This Week
-
Why Immigration Has Boosted Job Gains and the Economy
-
What to Invest in During High Inflation
-
Never Mind Market Efficiency: Are the Markets Sensible?
-
Starbucks Stock Could Use a Pick-Me-Up After Big Selloff; Is it a Buy?
-
5 Cheap Stocks to Buy From an Attractive Part of the Market
-
After Earnings, Is Lyft Stock a Buy, a Sell, or Fairly Valued?
-
8 Stock Picks in the Apparel Industry
-
Baidu Earnings: Advertising Weakness Offset by Continued Growth In Cloud Business
-
Going Into Earnings, Is Target Stock a Buy, a Sell, or Fairly Valued?
-
Walmart Earnings: Low Prices and Strong Digital Presence Drive Market Share Gains
-
After Earnings and a Big Selloff, Is Shopify Stock a Buy, a Sell, or Fairly Valued?
-
Cisco Earnings: Positive Guidance and Splunk Inclusion Align With Our Long-Term Thesis
-
3 Warren Buffett Stocks to Buy After Berkshire Hathaway’s Just-Released 13F Filing