L’Oréal has suspended its guidance and said that the COVID-19 pandemic and measures taken by countries in terms of store closures will have a higher impact than initially forecast on consumption of cosmetics and beauty and therefore on its business in the coming months.
It reports that its sales in the first quarter should decline by around 5% compared with the same period last year. The group will give more details when it reports its sales for the quarter on April 16.
L’Oréal said however, that it is seeing encouraging signs of recovery in Chinese consumption.
L’Oréal has also postponed its annual general meeting initially scheduled for April 21. The AGM will now take place on June 30.