L’Oréal Suspends 2020 Guidance; Quarterly Sales Fall 5%
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L’Oreal SA scrapped its guidance for growth in sales and profit this year, saying the impact of the coronavirus has been stronger than it expected.
First-quarter sales fell by about 5%, the Paris-based cosmetics giant said in a statement Monday. L’Oreal had previously maintained its forecast for this year despite the spread of the coronavirus.