LVMH Reports Weaker Sales; Sees Recovery In China Market

Luxury goods company LVMH reported group revenue fell 7 percent in the quarter ending September 30, 2015, compared with the 9 percent increase in the previous three-month period. In reported terms, revenue rose 16 percent in the third quarter, due to a slightly lower positive impact from a weaker euro. By region, the company saw sales decline 8 percent in Asia-Pacific, excluding Japan, which saw organic growth expand 24 percent during the period. In the previous quarter, Japan posted a 34 percent growth. Europe grew 12 percent, lower than the 14 percent recorded in the previous quarter, while the United States rose 12 percent. Shares in LVMH dropped 3.2 percent to close at €161.25 or $183.35 on the Paris Stock Exchange.