(Bloomberg) -- LVMH fell to a two-month low after the maker of Celine handbags and TAG Heuer watches reported lower-than-expected revenue growth .

LVMH shares fell as much as 3 percent in Paris. Gucci-owner Kering declined 2 percent and Burberry dropped 1.6 percent in London..

The world’s biggest luxury-goods maker had proven resilient to ebbing demand that’s hurt peers such as Prada SpA, which reported last week its lowest annual profit in five years. Yet the miss shows LVMH is not immune. The killings in Paris and Brussels and new biometric visa requirements deterring leisure travel from Asia are weighing on European sales. Collapsing demand in Hong Kong and China, meanwhile, has led companies to curtail expansion there.

“The financial impact of recent terror attacks continues to take its toll,” John Guy, an analyst at MainFirst Bank AG, said in a note.

First-quarter sales gained 3 percent on an organic basis, decelerated from 5 percent in the previous period,  LVMH said. Flat revenue at its biggest division, fashion and leather goods, also missed analysts’ estimates.

LVMH said sales in France -- which accounts for about 10 percent of its business -- were hurt by a drop in tourism.

Total revenue for the period rose 4 percent to 8.62 billion euros ($9.8 billion). Analysts predicted 8.73 billion euros.

LVMH, whose full name is LVMH Moet Hennessy Louis Vuitton SE, holds a conference call with analysts later on Tuesday.

To contact the reporter on this story: Andrew Roberts in Paris at To contact the editors responsible for this story: Matthew Boyle at, Thomas Mulier

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