LVMH Sales Miss Forecasts Amid Luxury Industry Slowdown -- Update

   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 [e-mail]

(END) Dow Jones Newswires

October 10, 2023 12:16 ET (16:16 GMT)

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