L’Oreal, the world’s largest cosmetics maker, said full-year profit fell 8 percent as European and US consumers pared spending on makeup and perfume.

Net income declined to 1.79 billion euros ($2.44 billion), or 3.07 euros a share, from 1.95 billion euros, or 3.30 euros, a year earlier, Paris-based L’Oreal said yesterday. That missed the 1.89 billion-euro average estimate of 17 analysts surveyed by Bloomberg.

The maker of Yves Saint-Laurent perfume and Garnier shampoo continued to suffer as the recession forced some consumers to buy fewer personal-care products or switch to cheaper brands. Fourth-quarter sales fell 3.5 percent.

L’Oreal shares gained yesterday 0.13 percent to 76.75 euros in Paris. The stock gained about 25 percent last year.

L’Oreal increased its dividend by 4.2 percent to 1.50 euros a share.