LVMH Shrugs Off Hong Kong Woes With 17% Q3 Sales Rise
4 monthes ago - By WWD
PARIS - LVMH Moët Hennessy Louis Vuitton said sales rose 17 percent in the third quarter, fueled by rapid growth in fashion and leather goods, despite the sharp drop in tourism in Hong Kong as a consequence of nearly four months of violent anti-government protests.
Sales totaled 13.32 billion euros in the three months ended Sept. 30, up 11 percent on an organic basis, the company said. Analysts had banked on a 9 percent rise in like-for-like revenues.
Tourist arrivals in Hong Kong fell nearly 40 percent in August versus the same period last year, following a 5 percent drop in July...
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