PARIS (Reuters) – Shares in French luxury giant LVMH dropped more than 4% at the market open on Wednesday after the company reported second-quarter sales growth below consensus estimates.
The world’s biggest luxury group said on Tuesday its quarterly sales rose 1% year on year to 20.98 bln euros ($22.76 bln), undershooting a poll by LSEG analysts for 21.6 billion.
The earnings miss weighed on other luxury stocks too on Wednesday, with Hermes and Kering both sliding around 3%.
(Reporting by Dominique Patton; Editing by Jacqueline Wong)
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