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Top 10 European luxury firms lose some $350 billion in market value this year LVMH posts larger-than-expected third-quarter sales miss in fashion, leather goods China loses ground as driver of global luxury spending amid tougher economic backdrop By Alessandro Parodi, Tassilo Hummel and Samuel Indyk PARIS/LONDON, Oct 1
LVMH reported third-quarter organic revenue growth of 1% to €18.5 billion, slowing from 3% in the prior quarter. Organic sales in its fashion and leather goods division fell 5%.
LVMH posted third-quarter organic revenue growth of 1% to €18.5 billion, slowing from 3% growth in the previous three months. Organic sales at its fashion and leather goods division fell 5%.
The French luxury group said sales at its main fashion and leather goods segment fell 5% year on year as Chinese demand remained under pressure, according to Equita SIM analyst Paola Carboni.
LVMH said fashion and leather goods sales fell 5% in the third quarter, missing analysts’ expectations. The group cited a worsening economic backdrop in China, particularly at the start of the quarter.
PARIS, Oct 12 (Reuters) — France's LVMH on Monday reported worse-than-expected third-quarter organic sales growth as weak demand for its fashion and leather goods weighed. Organic sales, which strip out currency swings, rose 1% year-on-year to €18.28 billion ($20.40 billion), compared with the 1.3% increase expected by
LVMH is scheduled to report third-quarter results Monday, with analysts expecting revenue of 18.49 billion euros versus 18.28 billion euros a year earlier. The preview says the luxury group could show softer trends amid a difficult sector environment and weak Chinese demand.
G-III Apparel reported second-quarter net sales of $554 million, slightly below plan, while non-GAAP EPS came in at $0.26, above guidance of $0.15 to $0.25. Gross margin expanded 440 basis points year over year.