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L'Oreal Cancels Dividend Increase, Halts Share Buybacks

By Donna Ahern
L'Oreal Cancels Dividend Increase, Halts Share Buybacks

Cosmetics group L'Oreal said on Tuesday its board had decided to give up on a planned 10.4% dividend increase due to the coronavirus crisis and stick instead to the same payout per share of €3.80 it made in 2019.

The beauty group's revenues fell 4.8% on a comparable basis in the first quarter after widespread store closures linked to the outbreak, but it has so far remained optimistic about a consumer rebound later this year, led by China.

L'Oreal said it would also renounce any share buyback programmes in 2020, and that chief executive Jean-Paul Agon's would give up some of variable pay.

News by Reuters, edited by Donna Ahern Checkout. Click subscribe to sign up for the Checkout print edition.


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