Hermès Falls Most on Record as Middle East War Hurts Sales [Yahoo! Finance]
LVMH-MOET H/L/V UNSP/ADR (LVMUY)
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Source: Yahoo! Finance
Sales rose 5.6% at constant exchange rates in the first quarter, Hermès International SCA said in a statement Wednesday. Analysts had expected a gain of 7.44%. The company “delivered a relatively weak start to the year, against already somewhat re-based expectations,” analysts led by Zuzanna Pusz at UBS Europe SE wrote in a note to clients. Hermès' stock plunged as much as 14% in Paris in its biggest intraday drop on record, taking the decline this year to about 30%. The region that includes the Middle East saw a 5.9% dip in sales during the period while revenue in France, a big draw for visitors, declined 2.8% as it was hit by lower tourism spending. Chief Financial Officer Eric du Halgouet said Hermès' French, Swiss and UK stores drew fewer Middle Eastern shoppers. Italy, which was also hurt, proved more resilient. Like Hermès, LVMH Moët Hennessy Louis Vuitton SE earlier this week said the war dented sales. Revenue at LVMH's key division, which includes Louis Vuitton and Ch
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