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LVMH: Q1 sales down 15% at E10.6bn

( - LVMH has reported Q1 2020 sales of 10.
6 billion euros, down 15%. Sales were down 17% LFL y-o-y.

At the Wines & Spirits business, sales decreased by 14% in foreign currency at  comparable currencies and consolidation scope in the first quarter of 2020.

LVMH said that a positive FX impact and a firm price increase policy partly offset the fall in volumes.

The Fashion & Leather goods business recorded a 10% decline in sales at comparable currencies and consolidation scope. Meanwhile, Perfumes & Cosmetics sales decreased by 19% at comparable currencies and consolidation scope.

Management said that "the closures of production sites and Group stores in most countries in the first half of the year will have an impact on sales and annual results. This impact cannot be precisely assessed at this stage, without knowing when things return to normal in the different areas where the Group operates".

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