UPDATE 1-L'Oreal rallies as sales increase offsets China concerns [Reuters]
L'OREAL UNSP/ADR (LRLCY)
NASDAQ:AMEX Investor Relations:
loreal-finance.com/eng
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Source: Reuters
L'Oreal rallies as sales increase offsets China concerns PARIS (Reuters) - L’Oreal’s ( OREP.PA ) shares rose on Friday after fourth-quarter earnings from the French cosmetics company helped to offset concerns over the impact of China’s coronavirus health crisis on its business. The company’s shares were up around 3.4% in early trading on Friday after L’Oreal reported late on Thursday that fourth-quarter revenue had risen 11.4% to 7.9 billion euros ($8.7 billion). The maker of Maybelline cosmetics said China’s coronavirus crisis would have only a short-term hit on the company’s Asian business, which is its biggest sales driver. “Solid finish to very strong year,” wrote brokerage Jefferies, which rates L’Oreal shares as a “hold”. Robust demand from Chinese consumers for luxury creams such as L’Oreal’s Lancome range has fueled the company’s sales growth. L’Oreal’s rival Estee Lauder ( EL.N ) has also benefited from this trend and performed strongly in the last three months of 2019, a
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