Headline: L'Oreal Shares Dip Amid Weak Q3 Sales

Shares of the world's largest cosmetics group, L'Oreal, experienced a decline today following the company's announcement of third-quarter sales figures that fell short of expectations. The performance of the French beauty giant was impacted by decreasing consumer confidence in China, leading to reduced demand for beauty products.

In early trading, L'Oreal's shares fell by approximately 3%. The sales figures announced late on Tuesday showed a total revenue of €10.28 billion ($11.10 billion) for the quarter ending in September. This represents a like-for-like increase of 3.4% when adjusted for constant exchange rates. However, the sales did not meet the 6% growth forecast predicted by Visible Alpha, as noted by financial services firm Jefferies.

Analysts at JP Morgan expressed concerns about the company's near-term outlook, predicting that L'Oreal would face challenges in the fourth quarter of 2024 and the first quarter of 2025. Meanwhile, analysts from Deutsche Bank maintained their 'sell' recommendation on the company's shares.

The exchange rate at the time of the report was set at 1$ = €0.9263.