HK-listed L'Occitane set for best day in 4 months as quarterly sales improve

L'Occitane International SA

28/10/2020 02:33

** Shares of cosmetics and skin care products maker
L'Occitane International SA  0973.HK  rise as much as 7.4% to
HK$14.74, their highest since Oct. 8
    ** Stock, last up 6.7%, is heading for its best day since
July 2
    ** Company says sales momentum improved significantly in
three-months ended in September, with sales decline narrowing to
4.5% from a drop of 22.2% in the previous quarter  urn:newsml:reuters.com:*:nFWN2HH1FO
    ** Says China, Taiwan and Russia posted sales growth of
35.4%, 18.8% and 11.9%, respectively, in the July-Sept quarter,
while online channels grew 64.6%
    ** Adds that about 300 positions will be cut globally due to
 group reorganisation 
    ** Brokerage Daiwa maintains "buy" rating on the stock due
to a much improved sequential trend
    ** Jefferies also maintains "buy", saying the recent trend
was better than expected and the management's strategy in
achieving mid-term target remains intact
    ** The Hong Kong benchmark index  .HSI  slips 0.6%
    ** As of last close, L'Occitane had fallen 25.7% this year 

 (Reuters Messaging: donny.kwok.thomsonreuters.com@reuters.net)