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LVMH shares flat after its Q3 revenues By Reuters

by Mike Robinson

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© Reuters. FILEPHOTO: This is the logo of Louis Vuitton, a French luxury fashion brand. It was taken in Paris on February 4, 2021. REUTERS/Benoit Tessier

PARIS (Reuters), LVMH shares were down in morning trading Wednesday following strong sales growth in fashion and leather goods in the French luxury company’s third quarter.

LVMH, whose luxury products span Moët & Chandon champagne and Bulgari timepieces, said on Tuesday the popularity of its star labels Louis Vuitton and Dior helped its fashion and leather goods division, which accounts for nearly half of group sales, to report 24% growth.

This business’s revenue at the close of the quarter was 38% more than their 2019 pre-pandemic levels. It also grew the same amount as it did in the first six months.

LVMH shares rose 0.4% in the first bell, but then fell flat in early trading. This was a better performance than the wider French stock exchange.

Jefferies analysts (NYSE:) reported in a note, “LVMH Delivers Another Strong Quarter”

They also stated that while they remain cautious about the sector’s future, they continue to see LVMH “a structural winner”.

The three-month period ending September saw an overall increase in like-for-like sales of 15.51 billion euros (or $17.91 billion). The growth was in line with the analyst forecast of a 21% increase.

($1 = 0.8660 euros)

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