Louis Vuitton owner LVMH on Thursday posted a 17per cent drop in comparable sales in the first quarter due to the coronavirus outbreak, as ...
Louis Vuitton owner LVMH on Thursday posted a 17per cent drop in comparable sales in the first quarter due to the coronavirus outbreak, as lockdowns imposed in Europe and elsewhere forced it to close stores and production sites.
FILE PHOTO: A man wearing a protective face mask walks past a closed Louis Vuitton shop on the Croisette in Cannes during a lockdown imposed to slow the rate of the coronavirus disease in France, April 16, 2020. REUTERS/Eric GaillardPARIS/MILAN: Louis Vuitton owner LVMH on Thursday posted a 17per cent drop in comparable sales in the first quarter due to the coronavirus outbreak, as lockdowns imposed in Europe and elsewhere forced it to close stores and production sites.
The world's biggest luxury goods group, which in late March had warned first-quarter sales would fall by between 10 and 20per cent compared to a year ago, said revenues stood at 10.6 billion euros in the January to March period, down 15per cent on a reported basis.That marked a 17per cent fall on a like-for-like basis, which strips out foreign exchanges swings and acquisitions.
LVMH, like rivals, has had to temporarily shut shops in key markets after the novel coronavirus first emerged in China late last year and later spread to Europe and the United States.
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