L'Oréal share price drops following disappointing first half
L'Oréal's share price dropped 5.4% to €62.70 on the Paris Bourse on 18 July 18 following the announcement of first half 2008 results below market expectations. The price reached a yearly low at €60.62 during the session before recovering slightly. Industry analysts earlier forecast first half sales of about €8.7bn on average before the company turned up a figure of €8.64bn for the first six months.
L'Oréal's share price dropped 5.4% to €62.70 on the Paris Bourse on 18 July 18 following the announcement of first half 2008 results below market expectations. The price reached a yearly low at €60.62 during the session before recovering slightly. Industry analysts earlier forecast first half sales of about €8.7bn on average before the company turned up a figure of €8.64bn for the first six months.
Several analysts, commenting after the market downturn, said L'Oréal had actually succeeded in controlling a very difficult cosmetics market situation. Most continued to recommend the shares though RBS switched from a recommendation of "hold" to sell". Behind all the comments were the continuing weakness of the North American market and disappointing growth in Western Europe where L'Oréal has in any case revised its sales estimate downwards.