CLICHY, France — Cosmetics group L'Oréal said on Tuesday its board had decided to give up on a planned 10.4 percent dividend increase due to the coronavirus crisis and stick instead to the same payout per share of €3.80 it made in 2019.

The beauty group's revenues fell 4.8 percent on a comparable basis in the first quarter after widespread store closures linked to the outbreak, but it has so far remained optimistic about a consumer rebound later this year, led by China.

L'Oréal said it would also renounce any share buyback programmes in 2020, and that Chief Executive Jean-Paul Agon's would give up some of variable pay.

By Sarah White.