Estee Lauder, Coty dip after peer L'Oreal posts Q2 sales below estimates
** Shares of cosmetics giant Estee Lauder EL.N and CoverGirl cosmetics maker Coty COTY.N down in afternoon trading
** EL shares down about 2%, COTY shares fall about 3% after peer French peer L'Oreal OREP.PA reports quarterly sales growth below expectations on lack of rebound in China
** L'Oreal says Q2 sales were up 5.3% to 10.88 billion euros ($11.77 billion) from a year ago, but below 5.9% growth seen in a consensus compiled by Visible Alpha
** Adds that growth slowed in North America to 3.4% for the quarter, but Europe sales rose by 9.7%
** "In China, the beauty market was negative in the second quarter on a tough comparison base, exacerbated by lasting low consumer confidence," says the company in a statement
** Including session moves, EL down about 33%, COTY down nearly 22% YTD
($1 = 0.9246 euros)
Reporting by Anuja Bharat Mistry in Bengaluru
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