Paris - Shares in the French luxury goods group LVMH, which owns brands such as Louis Vuitton, Givenchy and Guerlain, dropped by nearly four per cent on Tuesday after posting quarterly results that disappointed investors.
At 0935 GMT shares in the global number one luxury group had fallen 3.3 per cent to 126.95 euros in a Paris market off 0.52 per cent.
On Monday LVMH posted first-quarter sales of 6.95 billion euros (S$11 billion, US$9.08 billion), a rise of 6.0 per cent from the previous three-month period that underscored weaker growth in the sector.
The result was slightly better than an average analyst forecast compiled by Dow Jones Newswires, which had anticipated an increase of 5.2 per cent to 6.92 billion euros.
However the slowdown in its main product lines, fashion and leather goods, to 0.4 per cent growth in sales to 2.38 billion euros, unnerved investors.
Organic growth, not including new stores or acquisitions, slowed to 7 per cent, down from 8 per cent in the previous quarter and 9 per cent for 2012 as a whole.
The luxury goods sector is concerned that a slowdown in China will hurt business that has been boosted by consumption in the world's second biggest economy.
At 0935 GMT shares in the global number one luxury group had fallen 3.3 per cent to 126.95 euros in a Paris market off 0.52 per cent.
On Monday LVMH posted first-quarter sales of 6.95 billion euros (S$11 billion, US$9.08 billion), a rise of 6.0 per cent from the previous three-month period that underscored weaker growth in the sector.
The result was slightly better than an average analyst forecast compiled by Dow Jones Newswires, which had anticipated an increase of 5.2 per cent to 6.92 billion euros.
However the slowdown in its main product lines, fashion and leather goods, to 0.4 per cent growth in sales to 2.38 billion euros, unnerved investors.
Organic growth, not including new stores or acquisitions, slowed to 7 per cent, down from 8 per cent in the previous quarter and 9 per cent for 2012 as a whole.
The luxury goods sector is concerned that a slowdown in China will hurt business that has been boosted by consumption in the world's second biggest economy.
