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北京时间·🕒 发布 23:47:07时区推断·⟳ 抓取 23:47:53·⚡ 决策 07-27 23:48:40 +47s·91.8 天前
LVMH二季度销售同比增长3%但大体符合预期，核心时装皮具增速低于预期
LVMH二季度有机销售增长3%至195亿欧元，基本符合Visible Alpha一致预期，缺少明确正向超预期。
📄 原文Reuters↗ 原文
Luxury giant LVMH (LVMH.PA) reported a rise in quarterly sales on Monday as strong demand in the United States helped o…
不做 LVMH（LVMH.FR）
财报披露基本符合预期且核心部门低于预期，事件方向正负混合、缺少可量化短线edge，不做。
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研究档案
🔎 新鲜度:最早出现 2026-07-27 · 扩散 medium · price-in 风险 medium ↗
关键理由
- LVMH二季度有机销售增长3%至195亿欧元，基本符合Visible Alpha一致预期，缺少明确正向超预期。
- 核心利润贡献最大的时装与皮具部门仅增长1%，低于市场预期的1.7%，削弱业绩修复叙事。
- 公司体量大且财报为预期内披露，当前信息更像奢侈品行业景气背景更新，不足以形成短线同向交易。
主要风险
- 若美国需求持续加速、Dior换帅后订单改善被后续电话会强化，可能缓和市场对奢侈品下行周期的担忧。
- 欧洲和海湾地区旅游消费仍受地缘冲突压制，核心部门复苏力度不足可能继续压制估值。
原文全文
展开原文 · 2,018 字
Luxury giant LVMH (LVMH.PA) reported a rise in quarterly sales on Monday as strong demand in the United States helped offset weaker spending in Europe and the Gulf due to the Iran war.
Second-quarter sales at the owner of Louis Vuitton, Dior and Bulgari rose 3% when adjusted for currency swings to €19.5 billion ($22.2 billion), broadly in line with analysts' consensus estimate, according to Visible Alpha.
Growth was driven by the U.S., where sales rose 6% in the second quarter after increasing 3% in the first three months of the year, LVMH said.
European luxury brands have stepped up their focus on the United States, opening stores and staging fashion events to attract wealthy shoppers buoyed by the AI and technology boom, while demand remains subdued in other regions.
However, the update from LVMH — the first major luxury group to report first-half results — may not be enough to reassure investors that the $400 billion luxury sector is finally emerging from a two-year downturn.
The fashion and leather goods division, which generates the bulk of LVMH's operating profit, posted 1% organic growth. That was its first quarterly increase in two years, but fell short of analysts' expectations for a 1.7% rise.
LVMH said the Iran war reduced growth in the division by 1 percentage point, but added that Dior was gaining momentum under new creative director Jonathan Anderson.
In Europe, sales were flat in the quarter, stabilising after a decline in the first three months of the year as conflict in the Middle East weighed on tourism.
For the first half, sales rose 2% on an organic basis, but fell 3% on a reported basis to €38.6 billion. Over the same period, profits from current operations fell 4% to €8.7 billion, though the operating margin was broadly stable at 22.5%.
Shares in the French group, controlled by billionaire Bernard Arnault, have fallen 28% since the start of the year, making LVMH one of Europe's worst-performing large-cap stocks.
($1 = 0.8792 euros)
Second-quarter sales at the owner of Louis Vuitton, Dior and Bulgari rose 3% when adjusted for currency swings to €19.5 billion ($22.2 billion), broadly in line with analysts' consensus estimate, according to Visible Alpha.
Growth was driven by the U.S., where sales rose 6% in the second quarter after increasing 3% in the first three months of the year, LVMH said.
European luxury brands have stepped up their focus on the United States, opening stores and staging fashion events to attract wealthy shoppers buoyed by the AI and technology boom, while demand remains subdued in other regions.
However, the update from LVMH — the first major luxury group to report first-half results — may not be enough to reassure investors that the $400 billion luxury sector is finally emerging from a two-year downturn.
The fashion and leather goods division, which generates the bulk of LVMH's operating profit, posted 1% organic growth. That was its first quarterly increase in two years, but fell short of analysts' expectations for a 1.7% rise.
LVMH said the Iran war reduced growth in the division by 1 percentage point, but added that Dior was gaining momentum under new creative director Jonathan Anderson.
In Europe, sales were flat in the quarter, stabilising after a decline in the first three months of the year as conflict in the Middle East weighed on tourism.
For the first half, sales rose 2% on an organic basis, but fell 3% on a reported basis to €38.6 billion. Over the same period, profits from current operations fell 4% to €8.7 billion, though the operating margin was broadly stable at 22.5%.
Shares in the French group, controlled by billionaire Bernard Arnault, have fallen 28% since the start of the year, making LVMH one of Europe's worst-performing large-cap stocks.
($1 = 0.8792 euros)
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