Shares of the world’s largest cosmetics company L’Oreal popped as much as 10% after it reported strong growth ahead of expectations after the bell on Wednesday.
Organic sales growth in the first quarter was 7.6%, compared to expectations of around 3%, according to analysts.
Underlying growth was “very impressive,” said Barclays analysts. “Cosmetics markets growth of 4% is showing no signs of slowing,” they said. “Its [L’Oreal’s] beauty stimulus plan is resulting in even stronger share gains even in volatile times.”
Shares were last seen up 8.2%.
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