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LVMH reported late on Monday a slump in both its second-quarter sales and profits, and the company’s stock price fell by 3.5% in early session trading, dragging down the shares of rival Kering (PA:PRTP), which publishes results later on Tuesday.
“LVMH’s H1 2020 profit from recurring operations came in well short of analysts’ expectations and JPM estimates despite a beat on sales by 4%,” JP Morgan wrote in a note.
