LVMH shares flat after its Q3 revenues
The emblem of French luxurious trend model Louis Vuitton in Paris, France February 4, 2021. REUTERS/Benoit Tessier
PARIS, Oct 13 (Reuters) – Shares in LVMH had been flat in early buying and selling on Wednesday after the French luxurious large posted a powerful rise in gross sales in its trend and leather-based items division within the third quarter.
LVMH, whose luxurious merchandise span Moët & Chandon champagne and Bulgari timepieces, mentioned on Tuesday the recognition of its star labels Louis Vuitton and Dior helped its trend and leather-based items division, which accounts for practically half of group gross sales, to report 24% progress.
Revenues for this enterprise on the finish of the quarter had been 38% above their pre-pandemic, 2019 stage, the identical fee as within the first half.
LVMH shares opened up 0.4% after the opening bell earlier than falling flat in early commerce, outperforming the broader French inventory market.
“LVMH delivers one other sturdy quarter”, analysts at Jefferies mentioned in a be aware.
“Whereas we stay cautious on the sector within the quick time period, we proceed to view LVMH because the structural winner”, additionally they mentioned.
General Like-for-like gross sales, stripping out the impact of overseas trade fluctuations, rose by 20% to fifteen.51 billion euros ($17.91 billion) within the three months to September. Progress was roughly consistent with an analyst consensus forecast for a 21% rise.
($1 = 0.8660 euros)
Reporting by Matthieu Protard; Enhancing by Benoit Van Overstraeten
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