(Bloomberg) -- LVMH reported first-quarter revenue that trailed analysts’ estimates as sales of fashion and leather goods slowed following terror attacks in Europe.
Sales gained 3 percent, excluding currency swings and acquisitions, Paris-based LVMH said in a statement after markets closed on Monday. That was below the 4.1 percent median estimate of 20 analysts. Fashion and leather-goods sales were unchanged, missing analysts’ estimate for 2.5 percent growth.
Luxury-goods makers face another difficult year. Terror attacks in Paris and Brussels and new biometric visa requirements are weighing on European sales. The strong dollar and weakening consumer sentiment are hurting luxury spending in the U.S. Collapsing demand in Hong Kong and China, meanwhile, has led companies, including LVMH, to close stores and slow expansion.
LVMH said its performance in Asia was “varied,” while France was hurt by falling 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 on Tuesday.
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