0747 GMT - L'Oreal's third-quarter sales were weaker than expected and consensus expectations for the rest of the year and 2025 could be cut, Jefferies analysts say in a research note. The French beauty giant said third-quarter sales grew 3.4% on a like-for-like basis, missing consensus expectations of 6% due to weakness in its dermatological division and north Asia, Jefferies says. Analysts have been cutting their estimates for L'Oreal's sales since the company lowered its market-growth forecast in June, but consensus expectations of 6.4% for 2025 still look high, Jefferies says. With nervousness about the sustainability of beauty growth and the industry's prospects in China, L'Oreal shares are likely to be under pressure, according to Jefferies. Shares fall 3.6%. (adria.calatayud@wsj.com)
(END) Dow Jones Newswires
October 23, 2024 03:47 ET (07:47 GMT)
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