LONDON — L’Oreal shares fell more than 7.3% in early deals Friday, before slightly paring losses, as the company reported lower-than-expected sales and pointed to a slowdown in demand in Asia.

Shares in the stock had recovered slightly to trade down 7% by 8:20 a.m. London time.

The world’s largest beauty brand on Thursday reported fourth-quarter sales below estimates, rising 2.8% to 10.6 billion euros. Barclays analysts had anticipated a figure near 10.9 billion euros, according to Reuters.

The company also logged a 7.6% increase in 2023 full-year sales to 41.18 billion euros ($44.37 billion).

The quarterly shortfall was led by activity in North Asia, including China, where sales fell 6.2% over the three-month period. Sales were otherwise up in Europe and North America.