L'Oreal Shares Rise on Third-Quarter Sales Beat

   By Nathan Allen

Shares in L'Oreal SA (OR.FR) rose more than 6% in early trade Wednesday after the French cosmetics and consumer-products producer posted better-than-expected sales growth for the third quarter.

Group sales for the quarter were 6.47 billion euros ($7.37 billion) compared with EUR6.01 billion the previous year.

Like-for-like sales growth hit 7.5%, marking the strongest growth since 2007 and comfortably beating a consensus estimate of 5.8%, according to analysts at Bernstein.

At 0820 GMT, L'Oreal was trading 5.8% higher at EUR197.25, having earlier risen as high as EUR198.15.

Bernstein said the strong results are likely to trigger upgrades to 2018 consensus estimates for sales and earnings per share.

Sales in the company's Luxe division, which includes brands such as Lancome and Giorgio Armani, grew over 15% on a like-for-like basis to EUR2.32 billion.

Write to Nathan Allen at nathan.allen@dowjones.com

(END) Dow Jones Newswires

October 31, 2018 04:41 ET (08:41 GMT)

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