Pursuits
LVMH Shares Slump as Profit Miss Weighs on Luxury Stocks
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LVMH Moet Hennessy Louis Vuitton SA, the world’s largest luxury-goods company, fell the most in almost three years, sending shares of peers tumbling, after earnings missed estimates amid weaker consumption in Asia.
The shares plunged as much as 7 percent in Paris, the steepest intraday drop since Sept. 22, 2011. First-half profit from recurring operations fell 5 percent to 2.58 billion euros ($3.5 billion), LVMH said yesterday after European markets closed, less than the 2.76 billion-euro median analyst estimate.