July 27, 2020 / 3:53 PM / 8 days ago

Louis Vuitton owner's sales slide in Q2 after virus hit

PARIS/MILAN, July 27 (Reuters) - LVMH, the world’s biggest luxury goods group, said comparable sales in the second quarter had plunged by 38% due to the fallout from the coronavirus pandemic, though the Louis Vuitton owner noted a recovery that has gathered strength since June.

Like rivals, LVMH <LV was forced to temporarily close stores across several regions and pause manufacturing at some sites as the health emergency spread from the key Chinese market to Europe and the United States.

The group said its fashion and leather goods division, home to its Vuitton and Christian Dior brands and other smaller ones like Givenchy, had recorded a 37 % fall in like-for-like sales, which strip out the impact of currency swings and acquisitions.

Overall, LVMH’s revenues came in at 7.8 billion euros ($9.2 billion) in the April to June period, down 38% on a like-for-like basis. ($1 = 0.8493 euros) (Reporting by Sarah White and Silvia Aloisi)

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