FILE PHOTO: A cosmetic display of French cosmetics group L’Oreal is seen at a duty free shop at the Nice International Airport, in Nice, France, October 10, 2018. REUTERS/Eric Gaillard
PARIS (Reuters) – L’Oreal’s shares rose on Wednesday after the French cosmetics group beat first-quarter sales forecasts.
The stock was up around 1.5 percent in early trading, among the biggest gains on Paris’ benchmark CAC-40 index.
L’Oreal reported late on Tuesday higher-than-expected first-quarter sales growth. Across the group, sales rose 11.4 percent to 7.6 billion euros ($8.6 billion), and were up 7.7 percent on a like-for-like basis.
“2019 like for like sales off to a strong start, boosted by Asia,” wrote brokerage Liberum, keeping a “hold” rating on L’Oreal shares.
Reporting by Sudip Kar-Gupta and Sarah White; Editing by Mark Potter