L’Oreal to buy back €500m shares

L'Oreal unveiled plans yesterday to spend about a third of its net cash, or €500m (£428m), on buying back shares as it reported a small rebound in fourth-quarter sales. The world’s biggest cosmetics group said turnover in the three months to 31 December reached €5.7bn, up 5.3 per cent on a like-for-like basis, helped by strong demand in North America and solid growth in the Asia-Pacific region. Like-for-like sales rose 4.6 per cent in the previous quarter.