L’Oreal shares down 7% on lower-than-expected sales, a slowdown in Asia

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LONDON – L’Oreal shares fell more than 7.3% in early deals on Friday, before losing some ground, as the company reported lower-than-expected sales and pointed to slower demand in Asia.

Shares in the stock had recovered slightly to trade down 7% by 8:20 a.m. London time.

The world’s largest beauty brand reported Thursday sales in the fourth quarter below estimates, rising 2.8% to 10.6 billion euros. Barclays analysts had expected a figure closer to 10.9 billion euros, according to Reuters.

The company also registered a A 7.6% increase in full-year 2023 sales to 41.18 billion euros ($44.37 billion).

The seasonal shortfall was driven by activity in North Asia, including China, where sales fell 6.2% over the three months. Otherwise sales were up in Europe and North America.

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