Luxury goods: in the 1st half, LVMH cannot escape market slowdown

On July 23, LVMH (2023 sales: €86.15 billion, up 9%, after a 23% increase in 2022) published results for the first half to the end of June. Sales, down 1% at constant exchange rates to €41.68 billion, were disappointing. This fell short of Bloomberg and Factset’s pessimistic forecasts of between €42.13 billion and €42.3 billion. For the CAC 40’s largest market capitalisation, net margin fell by 14% to 17.4% of sales. The operating margin before non-recurring items fell by 8% to 25.5% of...