French luxury retailer LVMH saw a fall in shares after it posted first quarter sales below forecasts. LVMH owns more than 60 luxury brands including
ADVERTISEMENTFrench luxury retailer LVMH saw a fall in shares after it posted first quarter sales below forecasts.
LVMH owns more than 60 luxury brands including Dior and Louis Vuitton.
LVMH first-quarter sales miss forecasts https://t.co/aQdL5WSmYPpic.twitter.com/0gSUSyyZzY
— Business of Fashion (@BoF) April 12, 2016
The company says the US market is strong and Europe is holding its own except for France which has seen a fall in tourism as a result of the terrorist murders.
LVMH Revenue Reports Suggests Consumers are Shopping Less, Drinking More. https://t.co/Pda1oE7wR4pic.twitter.com/dtGAsZDRNi
— THEFASHIONLAW (@TheFashionLaw) April 11, 2016
Hong Kong also under performed.
LVMH’s watches and jewellery division, which has been through some turbulent times due to weak demand in China,received a boost Its like-for-like sales grew 7 percent, against 3 percent the previous quarter.
Global sales hit €8.62bn for the three months to March.