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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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