LVMH Q1 Revenue Miss, Shares Down 2%

LVMH reported organic revenue growth of 1% in Q1, below the 1.95% consensus, with total sales €19.1bn versus €19.6bn expected.
Fashion & Leather Goods fell 2% to €9.25bn, while Watches & Jewelry rose 7% and Wines & Spirits up 5%, beating forecasts.
Middle East conflict cut ~1% of group growth, hurting fashion and Sephora; Europe fell 3% while Asia ex‑Japan rose 7%.
Jefferies maintains hold rating with €510 target, citing Middle East headwind and highlighting makeup & fragrance as near‑term growth priorities.