Betting On Average
Luxury goods conglomerate LVMH was the talk of the town earlier this year after it briefly became Europe’s most valuable company by topping a $500 billion valuation. However, it’s seen a slow descent back to Earth since then. Today, that trend continued, with shares falling another 7% after management’s comments stoked growth fears. 😰
Third-quarter revenues grew 9% YoY to roughly $21 billion, down from a 17% increase in the second quarter. Driving the decline was a 14% YoY decline in sales from its wines and spirits division. And Asia’s slow recovery continues to weigh on results, with revenues from Asia excluding Japan rising just 11% YoY, down from 34% in the second quarter. 🔻