L'Oreal shares fell more than 7.3% in early deals Friday as the company reported lower-than-expected sales and pointed to a slowdown in demand in Asia.
The world's largest beauty brand on Thursday reported fourth-quarter sales below estimates, rising 2.8% to 10.6 billion euros . Barclays analysts had anticipated a figure near 10.9 billion euros, according to Reuters. The quarterly shortfall was led by activity in North Asia, including China, where sales fell 6.2% over the three-month period. Sales were otherwise up in Europe and North America.
The luxury sector has been under pressure since late 2023, as tough macroeconomic and geopolitical conditions have weighed on consumer spending, notable in the U.S. and China.Still, certain high-end brands appear to have bucked the trend, continuing to attract increasingly selective shoppers.were up 5.1% Friday after reporting a surge in sales as wealthy consumers continue to seek its exclusive Birkin handbags and silk scarves despite rising prices.
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