Sales growth decelerated across most of the company's business segments. Sales of wine and spirits fell 14% from a year earlier.
Wealthy consumers have largely pushed past the economic challenges ailing lower- and middle-class consumers. But LVMH Moët Hennessy Louis Vuitton’s latest quarterly result suggests even the rich are scaling back their spending.
LVMH’s U.S.-listed shares were down 1.6% to $149.10 in early afternoon trading Tuesday. The stock has gained 2.9% this year. A 14% year-over-year decline in sales of wine and spirit sales weighed on the company’s overall sales. The company said the drop came because the business faced “a high basis of comparison” with the same period in 2022, as well as because economic conditions in the U.S. hurt demand for Hennessy cognac.
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