Bernard Arnault, Chairman and CEO of LVMH Moet Hennessy Louis Vuitton, speaks during a press conference to present the 2023 annual results of LVMH in Paris, France, January 25, 2024.
Benoit Tessier | Reuters
LVMH shares plummeted over 7% in morning trading Wednesday after the French luxury conglomerate reported mixed full-year earnings late Tuesday.
Organic revenue grew by 1% in the fourth quarter, flat from the same period a year earlier. Over the full year, revenue declined 1%.
Shares were last seen 7.7% lower.
Investors had expected stronger numbers. “With peers such as Richemont, Burberry, and Cucinelli reporting solid QoQ improvements and beating expectations, the bar had moved slightly higher,” Citi analysts said in a note.
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