L'Oréal Profit Sinks On Write-Downs, Currency Headwinds
29 July 2016 - 3:35AM
Dow Jones News
By Alexa Liautaud and Sam Schechner
PARIS -- L'Oréal SA's second-quarter net profit sank after
write-downs and currency headwinds swamped strong revenue growth in
North America.
The French cosmetics company, which houses brands including Yves
Saint Laurent and Garnier, said that net profit fell to EUR1.48
billion, or EUR2.62 per share, down from EUR1.88 billion, or
EUR3.34 per share, largely because of EUR442 million in impairment
charges.
Leaving out nonrecurring items, such as the write-downs on
L'Oreal's Clarisonic brand in the U.S. and its Magic brand in
China, the company said that profit rose 3.5% to EUR1.96
billion.
Operating profit rose 1.7% to EUR2.36 billion in the first six
months of the year.
Revenue for the six months ended June 30 totaled EUR12.89
billion, up 0.6% from the same period last year. On a like-for-like
basis, which strips out the effects of currency and structural
changes, first-half sales grew 4.2%, the company said.
Write to Sam Schechner at sam.schechner@wsj.com
(END) Dow Jones Newswires
July 28, 2016 13:20 ET (17:20 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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