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UPDATE 2-Cosmetics firm Oriflame shares drop on slowing sales growth

(Adds details, CEO comments, shares)

Nov 11 (Reuters) - Cosmetics firm Oriflame said on Friday its sales growth had slowed in the fourth quarter, sending its shares sharply lower.

 Says sales in local currencies grew around 7 percent so far in Q4, compared to about 13 percent from the beginning of the year.

 Q3 sales increased by 12 percent, last time when the growth was less than 7 pct was in Q4 2015.

 CEO Magnus Brannstrom says the slowdown is mainly due to difficult comparisons as well as market volatility in India, Mexico and Egypt, which also give some concern ahead

 Oriflame’s shares fell 15 percent by 0919 GMT and are set for their biggest drop ever.

 The stock has still roughly doubled since the beginning of this year.

 Third-quarter operating profit was 25.2 million euros, matching a market forecast of 25.4 million.

 Q3 operating margin was 9.0 percent (7.3 percent), impacted by -160 bps from currencies.

 Company says strong performance in Asia, Turkey and Latin America continued, while in the CIS countries the focus remains on returning to sustainable growth and improving margins.

 Sales in Russia decreased by 2 percent and the company says the situation in Ukraine is challenging.

 Number of active consultants decreased in total by 5 percent to 2.6 million, a drop of 27 percent in the CIS region.

Source text for Eikon: Further company coverage: (Reporting by Rebecka Roos; editing by Jussi Rosendahl)

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