European Luxury Stocks Get Lift After LVMH Update Soothes Concerns
By Helena Smolak
European luxury shares gained after LVMH's better-than-expected first-quarter sales eased investors' concerns, setting a positive tone for the sector amid subdued consumer sentiment.
At 0830 GMT, LVMH shares were 3.9% higher at EUR812.50, and have risen 9.5% year to date. The Stoxx Europe luxury index was 1.3% higher, outperforming most European blue-chip indexes, with Hermes, Richemont, and Burberry all trading up more than 1%.
French luxury conglomerate LVMH--which counts Dior and Louis Vuitton among its brands--said late Tuesday that revenue for the first three months of the year fell 2% to 20.69 billion euros (21.97 billion), roughly in line with analysts who had expected a sluggish start to the year.
LVMH's sales results weren't as weak as the market had feared, and should be taken positively, considering the muted investor sentiment that prevailed ahead of the update, Barclays analysts Carole Madjo and Wendy Liu said in a note.
LVMH is the first of Europe's main luxury companies to report first-quarter data.
Write to Helena Smolak at helena.smolak@wsj.com
(END) Dow Jones Newswires
April 17, 2024 05:04 ET (09:04 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.-
These Stocks Are (Still) Powering the Bull Market
-
5 Undervalued Energy Stocks to Play the AI Data Center Demand Boom
-
After Earnings, Is Lowe’s Stock a Buy, Sell, or Fairly Valued?
-
5 Stocks With the Largest Fair Value Estimate Cuts After Q1 Earnings
-
10 Stocks With the Largest Fair Value Estimate Increases After Q1 Earnings
-
Markets Brief: Inflation Back in the Spotlight
-
AI Is Booming, but Consumer Spending Is Slowing. Which Will Prevail in the Stock Market?
-
What’s Happening In the Markets This Week
-
3 Dividend Stocks for June 2024
-
After Earnings, Is Alibaba Stock a Buy, Sell, or Fairly Valued?
-
MongoDB Earnings: Slashing Valuation as Execution and Macro to Blame for Lower Guidance
-
Marvell Earnings: We Raise Our Medium-Term AI Forecast and Bring Our Valuation Up to $75
-
Zscaler Earnings: Impressive Traction in Emerging Products Drives Sales Growth for the Quarter
-
Dell Earnings: Raising Valuation on Strong AI, but the Stock Remains Severely Overvalued
-
After Earnings, Is Nvidia Stock a Buy, Sell, or Fairly Valued?
-
The 10 Best Companies to Invest in Now