France’s L’Oreal posts 4.2% growth in third-quarter sales

PARIS: France’s L’Oreal the world’s largest pure cosmetics and beauty player, posted a 4.2% rise in third-quarter sales on Tuesday, in an acceleration from the prior quarter, but missing forecasts after weaker-than-expected growth in the Americas.

The group, which makes CeraVe creams and Valentino perfume, said sales from July to September were 10.3 billion euros ($12.01 billion), up 4.2% on a like-for-like basis from a year earlier.

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That undershot the 4.9% growth forecast in a Visible Alpha consensus cited by Jefferies.

Underlying growth, after removing the impact of phasing in a new IT system, was 4.9%, the company said.