LVMH Shares Fall on 1st Half Performance, Drag Luxury Sector With Them
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Dow Jones
By David Sachs
Shares in LVMH fell Wednesday after the French luxury goods company reported slower growth a day prior.
At 0719 GMT, shares in LVMH were down 3.8% to EUR821.40.
The world's largest luxury goods conglomerate posted higher earnings overall but U.S. revenue fell after recent highs, which Bernstein analysts said signals a more steady market for luxury goods following a boom.
In early trading, stocks across the sector were down. Prada, Swatch, Kering, Salvatore Ferragamo, Brunello Cucinelli and Hermes International were among the companies opening with lower share prices.
Write to David Sachs at david.sachs@wsj.com
(END) Dow Jones Newswires
July 26, 2023 03:44 ET (07:44 GMT)
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