LVMH's Miss at Core Division Could Weigh on Investor Sentiment
Dow Jones
Oct 13
1018 GMT - LVMH's weak results at its key fashion and leather goods division could weigh on the sector, Citi's Thomas Chauvet says. The French luxury conglomerate reported organic revenue growth of 1% for the third quarter compared with the prior-year period. The core business posted a 5% drop in sales, below consensus estimates. As the first luxury company to report third-quarter results, LVMH's miss at its mainstay division is unlikely to improve investor sentiment toward soft luxury companies, which sell items like bags, apparel and shoes, the analyst writes in a research note. Shares fall 1.6%.
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