L'Oreal Suspends Guidance, Postpones AGM
March 30 2020 - 12:57PM
Dow Jones News
By Jessica Sier
L'Oreal SA suspended its guidance and postponed its annual
general meeting on Monday, in response to the coronavirus
pandemic.
The French beauty company expects first quarter sales to come in
5% lower than a year earlier, though it is seeing "encouraging"
signs of recovery in Chinese demand.
L'Oreal has rescheduled its annual general meeting for June 30.
The meeting was originally due to take place on April 21.
"The spread of the pandemic to all geographic areas...will have
a higher impact than initially forecast on the consumption of
cosmetics and beauty products," the company said in a
statement.
At a conference in New York City in February, Chief Executive
Jean-Paul Agon said the company was confident it could outperform
the beauty market and grow its profits in 2020.
Write to Jessica Sier at jessica.sier@wsj.com
(END) Dow Jones Newswires
March 30, 2020 12:42 ET (16:42 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
Loreal (PK) (USOTC:LRLCY)
Historical Stock Chart
From Mar 2024 to Apr 2024
Loreal (PK) (USOTC:LRLCY)
Historical Stock Chart
From Apr 2023 to Apr 2024
