L'Oreal banks on cosmetics bounceback, citing Chinese pick-up [Reuters]
L'OREAL UNSP/ADR (LRLCY)
NASDAQ:AMEX Investor Relations:
loreal-finance.com/eng
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Source: Reuters
L'Oreal banks on cosmetics bounceback, citing Chinese pick-up PARIS (Reuters) - Maybelline make-up manufacturer L’Oreal said on Thursday it was counting on a quick recovery in cosmetics demand once global lockdowns to combat the coronavirus pandemic ease, pointing to a recovery already under way in China. The French group posted a 5% fall in comparable first quarter revenue, broadly in line with its latest guidance, after lockdowns in China and elsewhere to fight the outbreak hit demand and sparked store closures. The shutdowns were replicated in Europe and the United States at the end of March, forcing airport retailers, hairdressing salons and beauty store chains to shutter, and are likely to cause a greater dent to cosmetics firm’s earnings in the second quarter. But L’Oreal, the world’s biggest cosmetics company, said China, its largest source of revenue, was “already seeing an encouraging recovery in beauty product consumption”, now that restrictions had eased there. “As the exam
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