May 12, 2020 / 4:42 PM / 25 days ago

L'Oreal cancels dividend increase, halts share buybacks

PARIS, May 12 (Reuters) - Cosmetics group L’Oreal said on Tuesday its board had decided to give up on a planned 10.4% dividend increase due to the coronavirus crisis and stick instead to the same payout per share of 3.80 euros it made in 2019.

The beauty group’s revenues fell 4.8% on a comparable basis in the first quarter after widespread store closures linked to the outbreak, but it has so far remained optimistic about a consumer rebound later this year, led by China.

L’Oreal said it would also renounce any share buyback programmes in 2020, and that Chief Executive Jean-Paul Agon’s would give up some of variable pay. (Reporting by Sarah White)

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