L'Oreal Shares Rise on Third-Quarter Sales Beat
October 31 2018 - 4:56AM
Dow Jones News
By Nathan Allen
Shares in L'Oreal SA (OR.FR) rose more than 6% in early trade
Wednesday after the French cosmetics and consumer-products producer
posted better-than-expected sales growth for the third quarter.
Group sales for the quarter were 6.47 billion euros ($7.37
billion) compared with EUR6.01 billion the previous year.
Like-for-like sales growth hit 7.5%, marking the strongest
growth since 2007 and comfortably beating a consensus estimate of
5.8%, according to analysts at Bernstein.
At 0820 GMT, L'Oreal was trading 5.8% higher at EUR197.25,
having earlier risen as high as EUR198.15.
Bernstein said the strong results are likely to trigger upgrades
to 2018 consensus estimates for sales and earnings per share.
Sales in the company's Luxe division, which includes brands such
as Lancome and Giorgio Armani, grew over 15% on a like-for-like
basis to EUR2.32 billion.
Write to Nathan Allen at nathan.allen@dowjones.com
(END) Dow Jones Newswires
October 31, 2018 04:41 ET (08:41 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.
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