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LVMH Joins Luxury Peers as Sales Miss Estimates on Slowdown

  • France hit by fall in tourism while Asian markets are `varied'
  • LVMH had proven resilient to waning demand for high-end items
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The luxury industry’s slowdown claimed another victim as LVMH’s sales trailed analysts’ estimates on a decline in tourism following the terror attacks in Europe.

First-quarter sales gained 3 percent, excluding currency swings and acquisitions, Paris-based LVMH said in a statement after markets closed on Monday. That was below the 4.1 percent median estimate of 20 analysts and a deceleration from the previous period’s 5 percent uptick. Revenue was unchanged at its biggest division, fashion and leather goods, missing analysts’ estimate for 2.5 percent growth.