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And indeed, profits growth has been slowing in recent months.
Its run of profits growth is likely soon to end.
All of that makes it difficult to see an awful lot of profits growth looking ahead.
Strong profits growth largely explains why the coffers have been filling up.
Profits growth in 1999 is on course to be 17%, compared with 3.7% in 1998.
But some analysts and investors worry that the company's profits growth is, in fact, slowing.
Globally, profits growth of 13.5% is predicted for 2013 after 7.5% this year.
Ms Cohen is not alone in predicting a return to profits growth.
And that means expectations for nominal or real profits growth should be falling in line.
The sector's market leader, L'Oréal, has had compound annual profits growth of 14% for 13 years.
Nor is there evidence that analysts are any good at forecasting profits growth.
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