L'Oreal sales falter, margins hold up amid lockdowns

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The group said on Thursday revenues came in at 5.85 billion euros ($6.90 billion) in April-June, down 18.8% on a like-for-like basis, which strips out currency effects and acquisitions.

Some analysts had expected a less severe drop.

Operating margins stood at 18% at the end of the first half of the year, only slightly down from 18.6% at the end of 2019.