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LVMH warns that the ongoing West Asia conflict shaved at least one percentage point off its total group sales in the first quarter of the year.
LVMH reported that the West Asia conflict reduced its group sales by at least one percentage point.
KEY POINTS
- Mall traffic in the Gulf region dropped by an average of 50%, severely impacting LVMH's profitability.
- Sales in LVMH's core fashion and leather goods division fell 2%, marking a seventh consecutive quarterly decline.
- LVMH's US sales grew 3% organically, but American consumer sentiment hit a record low in April.
COMPANIES
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