Shares of LVMH dropped to their lowest level of the year on Wednesday morning, after the company reported a slowdown in revenue growth that was below expectations.
Earlier in the session it fell to 683.2 euros, its lowest level since Dec. 29, 2022, according to LSEG data.
The world's largest luxury firm, seen as a bellweather for the industry, posted nine-month and third quarter results after the market close on Tuesday.
The report showed quarterly revenue growth of 9% year-on-year, a sharp fall from 17% in the second quarter.
Revenue was up 14% in the first nine months of 2023, versus 20% growth in the same period of last year.
Organizations:
Analysts, Revenue
Locations:
London, U.S