LVMH said its sales trends improved sharply in the third quarter.
PARIS — LVMH Moët Hennessy Louis Vuitton said its sales trends improved sharply in the third quarter, driven by its key fashion and leather goods division, amid signs of a global upturn in activity, particularly in the U.S. and Asia.
The Bloomberg consensus estimate was for a 12 percent drop in the third quarter, with fashion and leather goods seen down 0.9 percent. The situation was more complicated in perfumes and cosmetics, down 16 percent despite a steady increase in online sales and a promising start for Fenty’s new skin care line.There was a 14 percent decline in sales of watches and jewelry, despite a rebound in China, while selective distribution — which includes Sephora and DFS, LVMH’s travel-retail business — saw revenues plummet 29 percent as international travel showed no sign of recovery.
Analysts expect LVMH to outperform the rest of the luxury sector. HSBC has maintained its “buy” rating on the stock, and raised the target price to 480 euros.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Tiffany Fires Back At LVMH Attempt To End Merger Deal, Saying LVMH’s Case Is ‘Doomed’Tiffany has hit back at French billionaire Bernard Arnault and his LVMH group in its answer to LVMH’s Delaware court counterclaim as the U. S. jewelry giant attempts to force through the $16 billion deal that LVMH agreed to last November.
Read more »
Kim Gordon’s Heart Beats for Tim RigginsThe musician’s new memoir tells her life story in pictures, including a signed photo of Taylor Kitsch.
Read more »
Mike Santoli’s market notes: Payback phase, unimpressed by earnings beats, megacap growth weakNew for subscribers: Mike Santoli’s market notes: Payback phase, unimpressed by earnings beats, megacap growth weak Check out CNBCPro today.
Read more »
Restaurant Brands expects Burger King third-quarter sales to drop, Popeyes to shineRestaurant Brands International Inc on Wednesday forecast Burger King's quarterly comparable sales to decline due to the COVID-19 pandemic, even though demand for its chicken sandwiches was likely to boost growth for Popeyes.
Read more »
High costs haunt Wells Fargo results years after scandalGoldman Sachs posted its best quarterly numbers in a decade, whilst Wells Fargo fell short of Wall Street estimates for third-quarter profit as the bank clocked nearly $1 billion in expenses tied to a years-long sales scandal
Read more »
Spices Recalled Over Salmonella FearsIf you’ve recently purchased Spice Hunter brand seasonings, you may want to check your pantry. A number of products -- including pumpkin pie spice and cinnamon -- are being recalled over possible salmonella contamination. What to know:
Read more »