LVMH (MC FP) Q1 2026 (EUR): Total revenue 19.12bln (exp. 19.49bln); Fashion & Leather organic sales -2% (exp. -0.05%)
Q1:
- Fashion and Leather goods sales 9.25bln (exp. 9.46bln).
- Perfumes and cosmetics sales 2.04bln (exp. 2.10bln).
- Watches and jewellery sales 2.44bln (exp. 2.46bln).
- Selective retailing sales 4.05bln (exp. 4.19bln).
- Wines and Spirits sales 1.27bln (exp. 1.23bln).
Commentary:
- Middle East conflict also impacted tourist spending in Europe.
- US demand is holding up despite middle East conflict.
- Middle East conflict had a negative impact of around 1% on Q1 organic growth.
- China improved further, trading during Chinese new year was good.
Context
LVMH's Q1 2026 results missed expectations across several key segments, notably in Fashion and Leather goods, which saw a notable decline in organic sales. This underperformance, coupled with commentary on the impact of the Middle East conflict on European tourist spending, suggests potential headwinds for the luxury sector, even as demand in the US remains stable and China shows signs of recovery. The market will likely reassess LVMH's growth drivers and outlook amidst these mixed signals.
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