Luxury group LVMH posted Q1 revenues that fell short of analyst expectations on Tuesday, driven by disappointing performances in both China and the US.
Source: Sharecast
LMVH said Q1 sales had declined 3% on an organic basis, well and truly missing expectations of a 2% uptick, with its wines and spirits division posting a 9% revenue decline amid ongoing geopolitical tensions between the US and the EU, and its fashion and leather goods unit reporting a 5% sales drop.
European sales were up 2% on an organic basis, while Asian sales (excluding Japan) dropped 11%, US sales fell 3% and Japanese sales slipped 1% year-on-year.
However, the Louis Vuitton parent company also noted that "in a disrupted geopolitical and economic environment", it was both "vigilant and confident" at the start of the year.
As of 1050 BST, LVMH shares were down 7.13% at €492.30 each.
Reporting by Iain Gilbert at Sharescast.com
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