LVMH Q3 FY23 Earnings

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LVMH Q3 FY23 Earnings

LVMH's Sales Growth Slows as Post-Pandemic Splurge Fades

LVMH Moët Hennessy Louis Vuitton for Q3FY23 reported a 9% rise in its revenue of €19.96 billion removing the effect of currency fluctuations and acquisitions. The company recorded organic revenue growth of 14% in the first nine months of 2023 compared with the same period in 2022. Overall total revenue showed a 1% year-on-year growth. (Source: LVMH)

From a Segmental basis, the company's fashion and leather goods business group achieved organic revenue growth of 16% in the first nine months of 2023 and 9% growth YoY in Q3FY23. LVMH's wines & spirits business group recorded a fall of -14% in revenue growth for Q3 and a -7% organic revenue decline in the first nine months of 2023. Apart from that, the perfume and cosmetics division of the company reported a 9% Q3 revenue growth and a 12% upside for the first nine months of 2023. (Source: LVMH)

LVMH, home to more than 75 brands including Louis Vuitton, Dior, Tiffany, and Bulgari is facing slowing demand for its luxury products in the United States and Europe. Inflation and high interest rates have led to a pullback from shoppers primarily the younger generation from its post-pandemic splurge in spending. Meanwhile, the recovery in China has been bumpy. (Source: LVMH)

LVMH's chief financial officer, Jean-Jacques Guiony, mentioned that although business in Europe experienced a decline during the quarter, the demand for fashion and leather goods from China remains relatively consistent compared to two years ago. The only notable difference is that more purchases are occurring outside of the mainland as travel restrictions ease. (Sources: Reuters)

LVMH's reported results against the backdrop of economic uncertainty in Western economies and a difficult macroeconomic situation in China. Also, several unfavourable factors include declining property prices, elevated levels of youth unemployment, reduced export demand, and a weakening currency. (Sources: Reuters).

Also, company's CFO mentioned that the rapid growth of the Dior brand, which had tripled in size in under seven years, is now stabilising. This adjustment coincides with overall revenues for the house, encompassing their beauty products and other segments, reaching over 15 billion euros, as reported by Bernstein. He also mentioned that it was difficult to make projections for the fourth quarter and beyond based on the quarterly performance. 

LVMH stock on October 10, ended 3.21% higher. (Source: YahooFinance)

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