PARIS — L'Oréal, the global beauty leader, cut its annual sales growth forecast Thursday to 6 percent on a like-for-like basis from 6 to 8 percent because of a slowdown in its second-quarter 2008 results.
For the quarter, the French beauty giant registered revenues of 4.29 billion euros, or $6.7 billion at average quarterly exchange, up 1 percent or 5.5 percent on a constant basis against second-quarter 2007. For the first half of 2008, L'Oréal posted sales of 8.65 billion euros, or $13.23 billion at average exchange in the period, a 1.6 percent rise or 5.3 percent gain in like-for-like terms versus first-half 2007. Excluding currency fluctuations, the revenues uptick came in at 7.1 percent in the period.
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