reports
- Cedric Rossi
- Clement Genelot
- Loic Morvan
- Paul Rouviere
- Philippine Adam
On the shelves now: Consumer Weekly #25
In this Consumer Weekly newsletter, we provide a brief overview of the key factors affecting our Consumer coverage, from Luxury & Consumer goods to Retail & E-commerce and Food & Ingredients. This week, we comment on resilient US activity from the perspective of a healthy Logistics Mana
- Loic Morvan
- Paul Rouviere
LVMH: Q1 might be the low point for F&LG growth
As anticipated, LVMH reported a quite poor Q1 2024 performance, with a 3% sales growth (at same FX), but at least in line with consensus expectations and with no dramatic trend. Furthermore, we remind investors that LVMH faced a fairly demanding comparison basis (sales were up 17% in Q1 23). We rei
- Loic Morvan
- Paul Rouviere
As anticipated, LVMH set to report poor Q1 sales growth
As expected, LVMH is set to report muted Q1 2024 sales growth (+3% organic) in view of the more challenging environment. The Wines & Spirits division is like to be down sharply (due to both champagne and cognac) while the Fashion & Leather division should report a LSD sales increase. We mai
- Loic Morvan
- Paul Rouviere
Reassuring FY23 results despite a more challenging environment in H2
LVMH's FY23 results were encouraging at both the top-line level with 13% FY organic sales growth reflecting a slight acceleration in Q4 (+10%) vs Q3 (+9%), and EBIT. FY EBIT margin narrowed just 10bp to 26.5%, above the consensus (26%), thanks to tight cost control in H2. For 2024, we leave our sal
- Loic Morvan
Uncertainty over H2 profitability
Given the more challenging environment than initially expected, especially in Europe, we prefer to adopt a more conservative stance, particularly on profitability, as costs are not set to fall significantly. As such, we now expect a slight narrowing in profitability over FY23e versus stable previou
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