L'Oreal shares slide as cosmetics giant cites weakness in China

L’Oreal shares fell as much as 8% on Friday as the cosmetics giant said it’s continuing to see pressure from mainland China and what it called the reset in travel spending. The maker of its namesake brand OR, -6.63% as well as Garnier and Lancome products said fourth-quarter comparable sales grew 6.9%, after 11% sales growth for the year. Analysts polled by Visible Alpha had expected 11.6% comparable sales growth for the year. Its annual profit rose 8% to €6.18 billion ($6.66 billion), as sales rose to € ...