ROUNDUP: Lack of Chinese tourists is slowing down L’Oreal surprisingly significantly
PARIS – The weak demand in North Asia slowed down the French cosmetics group L’Oreal surprisingly significantly in the final quarter. A decline in consumption by Chinese tourists was particularly noticeable, which was particularly reflected in the luxury care sector. Although L’Oreal was able to compensate for this with better development in other areas, such as North America, analysts had hoped for more in advance. The stock lost a good seven percent at the start in Paris on Friday.
ROUNDUP: Enthusiasm for luxury goods from Hermes continues – shares at record high
PARIS – The French luxury group Hermes wants to let its shareholders participate in last year’s earnings growth with a special dividend. In addition to the general distribution, a bonus of 10 euros per share is planned, the company announced on Friday in Paris. While Gucci owner Kering had reported weakening demand the day before, Hermes managed to continue to benefit from the desire to buy luxury goods in 2023. And CEO Axel Dumas was just as confident about the future. The stock rose to a record high.
Pepsico expects weaker growth in 2024
PURCHASE – The US beverage and snack company Pepsico is entering the new year optimistically and, following an increase in sales and profits, expects further growth in 2024. However, the momentum is likely to wane. Growth in various areas would normalize, said CEO Ramon Laguarta on Friday when presenting the balance sheet in Purchase. Consumers mostly returned to their purchasing behavior from before Corona times. In addition, inflationary tendencies eased.
ROUNDUP: Ceconomy makes more profit thanks to Black Friday and Christmas
DÜSSELDORF – The electronics retailer Ceconomy earned more thanks to good business around Black Friday and Christmas. The European markets in particular made a positive contribution to the balance sheet. The situation was different in the German-speaking countries and Hungary: due to a weak retail and market environment coupled with lower customer demand, both revenue and operating profit fell in the so-called DACH region. “Germany is currently not in a strong position,” said CEO Karsten Wildberger in a conference call with analysts. Initially, investors were convinced by the numbers, but their joy about the results only lasted for a short time.
Barclays wants to swallow Tesco’s credit card business
LONDON – The major British bank Barclays wants to take over the consumer credit business of the domestic supermarket chain Tesco. These include credit cards, installment loans and credit accounts for private customers, as both companies announced on Friday in London. The offers will continue to run under the Tesco brand for at least ten years. With the takeover, Barclays is focusing even more heavily on private customer business at home. However, the major bank wants to divest itself of its credit card business in Germany.
Medical technology group Carl Zeiss Meditec is struggling with inventory reductions in China
JENA – The medical technology group Carl Zeiss Meditec started the new financial year cautiously due to the ongoing inventory reduction in China and unfavorable exchange rates. Sales in the first quarter to the end of December rose by just one percent to 475 million euros, as the MDax-listed company announced on Friday in Jena. Adjusted for currency effects, it was an increase of 3.3 percent.
BASF sells shares in two joint ventures in China
LUDWIGSHAFEN – The BASF Group will sell shares in the two joint ventures in Korla, China. The company announced this on Friday in Ludwigshafen and also referred to recent reports of possible human rights violations. The situation in the Xinjiang region is “always part of BASF’s overall assessment of its joint ventures in Korla,” it said. The city of Korla is located in the center of the Xinjiang region.
Additional Reports
-ROUNDUP/Circles: Germany wants to agree to new CO2 requirements for trucks
-ROUNDUP: AMS Osram sees a glimmer of hope after a year of losses – shares are rising
-Boeing gives the all-clear on the tail rudder nut after inspections
-BASF: Great potential for artificial intelligence in the chemical industry
– Surcharge for 1000 new fast charging points on motorways
-WhatsApp is increasingly being used by companies for applications
-Investor entry: Fans don’t want to talk to DFL
-Facebook and Instagram remove accounts of Iran’s religious leader
-US confectionery company: So far no effect of weight loss drugs
-Third route should also bring electricity directly to Bavaria
Railway board members will not receive any bonuses for 2023
-Protests and rethinking: What happens next in the DFL investor dispute?
-ROUNDUP: Owners’ meeting due to Corona in writing? BGH: ‘Quickle’
-Volcanic activity has fallen sharply after another eruption in Iceland
-ROUNDUP: Barrier-free has priority: BGH allows elevators and ramps
-New Ukrainian military chief relies on technology°
Customer note:
ROUNDUP: You read a summary in the company overview. There are several reports on this topic on the dpa-AFX news service.
/jha
AXC0168 2024-02-09/15:20
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2024-02-09 20:38:36
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