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L'Occitane shares tumble in Hong Kong on weak revenue

HONG KONG -- Shares of L'Occitane International were down sharply in Hong Kong on Wednesday following the French cosmetics maker's announcement of sluggish quarterly revenue.

The share price at one point fell 1.64 Hong Kong dollars, or 9.7%, to HK$15.20. The company said on Tuesday that April-June sales fell 2.2% on the year to 268 million euros ($294 million).

By region, L'Occitane saw a 19.8% drop in sales in Hong Kong and Macau. Sales in mainland China, Taiwan, Europe and the U.S. also declined. Uncertainty over the global economy and foreign exchange fluctuations dealt a blow to the cosmetic maker's earnings.

Japan, the largest market for L'Occitane, posted a 13.8% growth in sales in euro terms, thanks to a stronger yen. In yen terms, sales in Japan rose just 3.2%. Sales also increased in Brazil and Russia.

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