Sales drop at Vuitton owner LVMH as virus forces store closures
Reuters
Published Apr 16, 2020 11:59AM ET
PARIS/MILAN (Reuters) - Louis Vuitton owner LVMH (PA:LVMH) on Thursday posted a 17% drop in comparable sales in the first quarter due to the coronavirus outbreak, as lockdowns imposed in Europe and elsewhere forced it to close stores and production sites.
The world's biggest luxury goods group, which in late March had warned first-quarter sales would fall by between 10 and 20% compared to a year ago, said revenues stood at 10.6 billion euros ($11.48 billion) in the January to March period, down 15% on a reported basis.
That marked a 17% fall on a like-for-like basis, which strips out foreign exchanges swings and acquisitions.
LVMH, like rivals, has had to temporarily shut shops in key markets after the novel coronavirus first emerged in China late last year and later spread to Europe and the United States.
Get The News You Want
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.