L'Oreal takes impairment charges on Magic, Clarisonic

By Astrid Wendlandt PARIS (Reuters) - French cosmetics giant L'Oreal took a 447 million euro impairment charge in its first half results on the carrying value of two acquisitions, China's Magic Holdings face mask provider and sonic skin care Clarisonic. L'Oreal wrote down 213 million euros ($236 million) on Magic Holdings, which it bought for more than 600 million euros two years ago, and another 234 million euros on the value of Clarisonic which it took on in 2011. It did not provide details of their financial performance as it gave a first-half trading update. The maker of Biotherm cream and Armani perfume said Western Europe was being held back by a "very difficult market in France" while sales growth was accelerating as expected in North America. L'Oreal posted a 4.3 percent rise in second-quarter sales, slightly below sales growth expectations of 4.61 percent based on a Reuters poll of 12 analysts. The growth was supported mainly by its consumer products division which runs brands such as Garnier shampoo and L'Oreal Paris. The unit saw its organic revenue growth reach 4.7 percent, against a rise of 3.9 percent in the previous quarter, helped by new product launches. The group, which is holding a conference call on Friday at 0700 GMT, said it expected to continue to outperform the market globally throughout the year. ($1 = 0.9029 euros) (Reporting by Astrid Wendlandt; editing by Richard Lough, Elaine Hardcastle and Alexandra Hudson)