LVMH’s revenue growth slowed significantly in the third quarter – Kommersant
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LVMH Moet Hennessy Louis Vuitton’s third-quarter revenue was €19.96 billion, up just 1% year-on-year, according to report French manufacturer of luxury goods. Organic sales growth amounted to 9% (excluding changes in exchange rates and purchases/sales of businesses), which is significantly worse than the results of the first two quarters of this year. In the first six months of the year, organic revenue growth rate remained at 17%.
The cognac and wine division brought the company revenue of €1.5 billion over the three months, which is 20.5% less than last year. A drop in sales in this sector began to be observed in the second quarter, and in the third, even the organic indicator was 14% worse than last year. Revenue from sales of leather goods and fashion items remained at the same level as last year at €9.75 billion, sales of watches and jewelry decreased by 5% to €2.52 billion, and sales of perfumes and cosmetics increased by 1.7% to €1.99 billion
The results demonstrated were worse than analysts’ forecasts, and therefore LVMH shares in Paris fell by more than 6%.
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