LVMH shares drop after missing second-quarter estimates
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Citi issues warning: This popular sector is 'likely to remain out of favor'
July 24, 2024 4:00 PM EDTCiti analysts have issued a cautionary note about the luxury sector, highlighting that it is "likely to remain out of favor" following LVMH's disappointing second-quarter results.
The report points to slowing sales growth and significant margin pressures as key concerns.
In the second quarter of 2024, LVMHs group and Fashion & Leather (F&L) organic sales growth slowed to 2% and 1%, respectively, both slightly below consensus expectations.... More
