World’s largest luxury group LVMH slumps 5% after second-quarter revenue miss

Shares in the world’s largest luxury group LVMH fell on Wednesday after its second-quarter sales came in below analyst consensus on Tuesday.

Quarterly sales came in at 20.98 billion euros ($22.7 billion) in the second quarter, compared to the 21.6 billion euros LSEG analysts were expecting.

LVMH shares were last down by 5.3% at 9:04 a.m. London time. Other luxury sector stocks, including Gucci-owner Kering which is set to report earnings on Wednesday, also retreated.

This is a developing story, please check back for updates.