PARIS (Reuters) – LVMH’s <LVMH.PA> shares fell on Tuesday, weighing on the broader European luxury goods sector, after the COVID-19 pandemic tore a hole into the Louis Vuitton owner’s second-quarter results.
LVMH reported late on Monday a slump in both its second-quarter sales and profits, and the company’s stock price fell by 3.5% in early session trading, dragging down the shares of rival Kering <PRTP.PA>, which publishes results later on Tuesday.
“LVMH’s H1 2020 profit from recurring operations came in well short of analysts’ expectations and JPM estimates despite a beat on sales by 4%,” JP Morgan wrote in a note.
(Reporting by Sudip Kar-Gupta, editing by Louise Heavens)
