L’Oreal sales slightly miss in fourth quarter as China weakness persists

French cosmetics giant L’Oreal on Thursday reported lower-than-expected sales in the fourth quarter amid continued weakness in the Chinese beauty market and a slowdown in demand in the U.S.

The world’s largest beauty brand posted sales of 11.08 billion euros ($11.49 billion) in the three months to December, up 2.5% on a like-for-like basis and just shy of the 11.1 billion euros estimated by analysts in an LSEG poll.

Full-year sales came in at 43.48 billion euros versus the 43.33 billion euros forecast.

The company, whose brands include Lancôme, Maybelline and Kiehl’s, has been struggling with weaker consumer demand over recent quarters, particularly in the key Chinese market — a trend that has also beset high-end luxury firms.