LVMH, Richemont Results Offer Hope But Luxury Demand Could Stay Low -- Market Talk

Dow Jones02-13

1549 GMT - Both LVMH and Richemont posted results that gave some relief to investors in a context of normalizing sales-growth trends in luxury companies, Barclays analysts Carole Madjo and Wendy Liu say in a note. LVMH posted 2023 sales above analysts' forecasts, while Richemont's third-quarter print showed the resilience of its jewelry division. "We now think that we are getting close to the end of the downgrade cycle," they say. However, the solid trends corresponding to the fourth quarter of the calendar year were helped by an easy comparison base and consumer demand is expected to remain low during the first half, they say. Barclays continues to prefer Richemont to LVMH due to better top-line momentum. Shares are down 1.9% and 2.6% respectively. (andrea.figueras@wsj.com)

(END) Dow Jones Newswires

February 13, 2024 10:49 ET (15:49 GMT)

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