L'Oréal SA on March 30 suspended its financial outlook for fiscal 2020 as it expects its first-quarter sales to fall 5% year over year due to the coronavirus pandemic.
The French beauty products retailer said the store closures and the efforts to contain the spread of the virus is expected to impact the consumption of cosmetics and beauty products, including the company's business. L'Oréal's projection comes despite the company seeing "encouraging signs of recovery" in the Chinese market.
L'Oréal has postponed its annual meeting to June 30 from April 21 as a result of the outbreak. The company is scheduled to provide its first-quarter results on April 16.