Wednesday, April 16, 2008

L'Oreal shares plummet on economy jitters

Go to Reuters original
PARIS (Reuters) - Shares in the world's largest beauty group L'Oreal (OREP.PA: Quote, Profile, Research) fell to a 21-month low on Wednesday after disappointing sales of skin creams and make-up provided the latest evidence of a sagging U.S. economy.

Shares in the French company fell as much as 7.7 percent, bucking a stronger market, as analysts cut their price forecasts following lower than expected first-quarter sales coupled with fears over the weak dollar.


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