L'Oreal 1st Half Earnings, Sales Decline But Consumer Demand Intact
July 30 2020 - 12:51PM
Dow Jones News
By Sarah Sloat
L'Oreal SA said Thursday that its earnings declined in the first
half amid the pandemic, but that consumer demand for beauty
products is intact and that the company aims to outperform the
market in the second half.
The French cosmetics and consumer-products company had a net
profit after minorities in the first half of 1.82 billion euros
($2.14 billion), compared with EUR2.33 billion in the period a year
earlier. Sales declined 12% to EUR13.1 billion.
"The consumption of beauty products over the period was strongly
impacted by the closure of millions of points of sale, which caused
a real crisis of supply, rather than demand, with consumers
temporarily unable to purchase products and services," the company
said.
L'Oreal, best known for its shampoos, said performance in China
was strong in the period, with second-quarter growth of more than
30%.
Write to Sarah Sloat at sarah.sloat@wsj.com
(END) Dow Jones Newswires
July 30, 2020 12:36 ET (16:36 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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