LVMH lowers earnings estimates
This article was originally published in The Rose Sheet
Executive Summary
Luxury goods manufacturer will rely on "sustained investment in advertising and promotion," and reduced structural costs to weather current economic environment, LVMH says, announcing it has lowered sales estimates for the year. Firm is now forecasting operating profit will be 10%-15% below 2000 levels following a 5% sales decline in the month of October. LVMH previously said it expected sales and earnings would be level with the year ago period (1"The Rose Sheet" Oct. 22, p. 4). Sales declines largely are due to reduction in travel following events of Sept. 11, LVMH adds...
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Luxury goods manufacturer will rely on "sustained investment in advertising and promotion," and reduced structural costs to weather current economic environment, LVMH says, announcing it has lowered sales estimates for the year. Firm is now forecasting operating profit will be 10%-15% below 2000 levels following a 5% sales decline in the month of October. LVMH previously said it expected sales and earnings would be level with the year ago period (1'The Rose Sheet' Oct. 22, p. 4). Sales declines largely are due to reduction in travel following events of Sept. 11, LVMH adds.... |