Core Insights - L'Oréal's stock declined by 6.4% to 372.45 euros following disappointing third-quarter results [1] - The company's like-for-like sales growth for Q3 was 4.2%, falling short of analysts' expectations by 50 basis points [2] - Analysts expressed concerns over the lack of visibility in future growth, particularly regarding the Chinese market and fragrance destocking [5] Financial Performance - Reported sales for the third quarter increased by 0.5% to 10.33 billion euros, which was 1% below the consensus estimate of 10.44 billion euros [5] - Adjusted for IT transformation, L'Oréal's sales rose by 4.9% during the same period [6] Strategic Moves - L'Oréal announced the acquisition of Kering Beauty for 4 billion euros, marking the company's largest deal to date [6] - The CEO expressed cautious optimism for upcoming sales events in China and the holiday season in the U.S. and Europe [4]