PARIS (Reuters) – LVMH, the world’s biggest luxury company, posted a 1% rise in organic sales in the second quarter on Tuesday, missing analyst estimates and adding to investor jitters about slowing growth in the sector.
Sales at the French group, owner of labels Louis Vuitton, Tiffany & Co. and Hennessy, grew to 20.98 billion euros ($22.8 billion), a 1% rise on an organic basis, which strips out currency effects and acquisitions.
The figure fell below analyst expectations for 21.6 billion euros, according to an LSEG poll based on six analysts.
($1 = 0.9212 euros)
(Reporting by Mimosa Spencer; Editing by Emelia Sithole-Matarise)
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