LVMH shares set to slump on weak Q3 sales
PARIS, Oct 16 (Reuters) -Shares in LVMH LVMH.PA were set to slump lower on Wednesday, knocking back the broader luxury goods sector, after the French luxury goods giant reported a 3% fall in third-quarter sales.
LVMH shares were marked down by 5.1 percent on Tradegate, just before the formal start of stock market trading in Europe.
LVMH posted its sales late on Tuesday, with the world's biggest luxury group undershooting estimates in its first decline in quarterly sales since the pandemic as demand in China and Japan weakened, likely exacerbating investor worries.
LVMH generated 19.08 billion euros ($20.8 billion) in revenue for the three months ending in September, a 3% fall on an organic basis, stripping out the effect of currencies, acquisitions and divestitures.
"The miss was relatively broad-based, with all divisions’ sales coming in below consensus expectations," wrote analysts at investment bank Morgan Stanley.
($1 = 0.9189 euros)
Reporting by Mimosa Spencer;
Editing by Sudip Kar-Gupta
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