LVMH’s nine-month revenues fell by 21 percent to € 30,348 million, with organic sales also declining by 21 percent, due to the impact of the Covid-19 pandemic.
In the sole third quarter, revenues were down by only 7 percent on an organic basis thanks to a return to growth in the Cognac and Fashion & Leather Goods division. Financial analysts were expecting a 12 percent drop. LVMH noted that the encouraging signs of recovery observed in June for several of its activities were confirmed in the third quarter in all regions, notably in the United States, and in Asia, which once again grew over the period.
The fashion and leathergoods business suffered a 12 percent decline in revenues to €13,934 million in the first nine months of 2020, with organic growth a negative 11 percent. In the third quarter, the top line of the business was up by 12 percent on an organic basis.