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LVMH sales growth misses expectations as fashion division declines
The luxury group's fashion and leather goods business recorded a 5% decline in organic sales, steeper than the 1.8% drop analysts expected.
LVMH reported third-quarter revenue of €18.28 billion on October 12, with organic sales rising 1% from a year earlier. The French luxury group's growth fell short of expectations as weak demand weighed on its fashion and leather goods business.
Analysts surveyed by Visible Alpha had forecast a 1.3% increase in group organic sales, a measure that excludes currency fluctuations.
The fashion and leather goods division recorded a 5% organic sales decline, compared with analysts' expectations for a 1.8% decrease. The business includes Louis Vuitton and Dior and accounts for almost half of LVMH's revenue.
LVMH, the largest luxury group globally, was the first major company in the industry to report third-quarter results. Its update comes amid a three-year slowdown in the $350 billion luxury sector.