Reuters

PARIS, Feb 9 (Reuters) – Shares in French cosmetics group L’Oreal rose on Friday after its fourth quarter gross sales beat expectations, with a assured outlook for 2018, whereas feedback concerning its intentions on Nestle additional buoyed the inventory.

L’Oreal’s chief govt reiterated L’Oreal’s willingness to purchase Nestle’s 23 p.c stake within the agency ought to its Swiss shareholder need to promote, additionally serving to carry L’Oreal shares.

L’Oreal shares have been up 2 p.c in early session buying and selling, the highest performer on France’s blue-chip CAC-40 index.

Nestle shares have been up zero.5 p.c.

“Q4 17 organic sales of 5.5 percent is 50 basis points above Inquiry Financial consensus of 5 percent, strong 2018 outlook,” Liberum analysts wrote in a observe, retaining a “hold” ranking on L’Oreal shares.

L’Oreal Chairman and Chief Executive Jean-Paul Agon mentioned on Thursday he was assured of serious development in like-for-like gross sales in 2018. {nL8N1PY80Q]

This was after L’Oreal reported that gross sales had risen by a better-than-expected 5.5 p.c within the fourth quarter on a comparable foundation.

“FY 2017 results are reassuring”, added Investec Securities analysts, who saved a “buy” ranking on the inventory.

“We note CEO Agon’s interview in the Financial Times, reiterating L’Oreal’s willingness to buy Nestle’s 23 percent take.. .Scarcely a surprise, but this may excite some: an acquisition of the stake by L’Oreal, part-funded by a sale of its own Sanofi stake would be circa 10 percent accretive, we think,” the brokerage added. (Reporting by Dominique Vidalon Editing by Sudip Kar-Gupta)

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L'Oreal shares rise after This fall gross sales, CEO feedback on... by: Pamela Hendrix published:

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