LVMH Sales Miss Forecasts Amid Luxury Industry Slowdown -- Update
11 October 2023 - 3:31AM
Dow Jones News
By Mauro Orru
LVMH Moet Hennessy Louis Vuitton posted sales below analysts'
expectations for the third quarter as the luxury-goods industry
grapples with inflation and high interest rates that are squeezing
consumer spending.
The world's largest luxury goods conglomerate said sales climbed
to 19.96 billion euros ($21.09 billion) in the three months to the
end of September, up 9% on an organic basis from the previous year.
Analysts had forecast sales of EUR20.48 billion, according to
FactSet.
LVMH's core fashion and leather-goods division contributed
EUR9.75 billion to total revenue, with sales up 9% organically.
Selective retailing, the unit that houses Sephora, posted a 26%
increase in revenue, while perfumes and cosmetics and watches and
jewelry fared less well, with sales up 9% and 3% respectively.
Wines and spirits is the only business unit that recorded lower
sales, with a 14% contraction.
Write to Mauro Orru at mauro.orru@wsj.com
(END) Dow Jones Newswires
October 10, 2023 12:16 ET (16:16 GMT)
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