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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Burberry Group Plc | LSE:BRBY | London | Ordinary Share | GB0031743007 | ORD 0.05P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
10.50 | 0.91% | 1,161.00 | 1,159.00 | 1,160.00 | 1,166.00 | 1,141.50 | 1,150.00 | 1,505,893 | 16:35:05 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Misc Apparel,accesory Stores | 3.09B | 490M | 1.3394 | 8.66 | 4.24B |
By Anthony Shevlin and Cristina Roca
European luxury stocks fell Wednesday after results from LVMH Moët Hennessy Louis Vuitton SE failed to allay concerns about a potential slowdown in spending by Chinese consumers.
The French luxury-goods company reported third-quarter revenue of EUR11.38 billion ($13.08 billion), below analysts' expectations of EUR11.56 billion. It said organic revenue growth was 10%, marking a slowdown from 11% in the second quarter and 13% in the first quarter.
Some analysts had said before the results were released late Tuesday that LVMH, and others in the sector, would need to beat expectations to reassure investors that an economic slowdown in China isn't dampening spending by Chinese shoppers -- the luxury industry's most influential clientele.
Shares in LVMH -- the world's biggest luxury-goods company by sales and a bellwether for the industry -- dropped 4% in early trading in Paris. Elsewhere in the sector, Gucci parent Kering SA fell 5%, Burberry Group PLC was down 4% and Hermes International SCA dropped 4%.
Investor concerns were compounded by a research note from Morgan Stanley, in which the bank's analysts said they believed Chinese consumer confidence -- traditionally a leading indicator for European luxury companies -- has peaked, with a weaker trend expected in the second half.
Analysts at Bryan Garnier said LVMH's figures were reassuring, but noted a slight deceleration in overall sales compared with the second quarter.
LVMH owns leather-goods giant Louis Vuitton, couture house Christian Dior, high-end jeweler Bulgari, cognac label Hennessy and dozens of other brands.
On Tuesday, the company said its fashion and leather-goods division, which includes Louis Vuitton and accounts for more than a third of total revenue, posted 14% organic sales growth in the third quarter. Sales at its perfumes-and-cosmetics division were up 11% in the three months and its watches-and-jewelry arm was up 10%.
LVMH didn't specifically address Chinese consumer spending in its statement but executives are scheduled to hold a conference call to discuss the results later Wednesday.
(END) Dow Jones Newswires
October 10, 2018 06:52 ET (10:52 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.
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