L'Occitane Shares Fall After Latest Sales Slowdown

Dow Jones2023-02-01

By Yifan Wang

Shares of L'Occitane International S.A. fell in Hong Kong on Wednesday, after the cosmetics maker reported weaker-than-expected quarterly sales.

The stock fell as much as 6.0% and were last down 4.6% at HK$20.75 (US$2.65). That put the shares on track for their worst percentage drop in over two months.

The selloff came after L'Occitane said its revenue rose 8.0% in the October-to-December quarter, slowing from the growth in the previous quarter and missing some investors' expectations.

This led many analysts to cut their earnings estimates and stock target prices. Citi analysts in a note said they have reduced their full-year earnings estimate for fiscal year 2023 by 16%. They also cut their target price to HK$25.50 from HK$30.40.

Jefferies analysts similarly slashed their estimate for L'Occitane's net profit in fiscal year 2023 by 17% and lowered its stock target price to HK$34.70 from HK$40.30.

But both banks maintained their buy ratings on the stock, citing undemanding valuations.

Write to Yifan Wang at yifan.wang@wsj.com

(END) Dow Jones Newswires

January 31, 2023 22:12 ET (03:12 GMT)

Copyright (c) 2023 Dow Jones & Company, Inc.

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2023-04-28
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