Canada

LVMH expects pandemic to dampen sales for some time yet

PARIS — The fallout from the coronavirus crisis will weigh on LVMH’s earnings for some time yet, though there were some signs of recovery this month, executives at the world’s biggest luxury goods group said on Tuesday.

Second quarter earnings at the owner of Louis Vuitton and other brands will be hit particularly in Europe and the United States, Chairman Bernard Arnault told a shareholder meeting, conducted online.

“We can only hope at this point for a gradual recovery,” Arnault told investors, adding that the second half of the year looked better. He flagged some “quite vigorous” signs of recovery in June, as virus lockdowns lifted in much of Europe, including in Milan and Paris, two major shopping hubs.

Luxury labels are still suffering from a lack of tourist travel even though consumption is picking up again on a local level as stores reopen, including in China.

Finance chief Jean-Jacques Guiony said the fallout would still be felt in the months to come but that it was not possible to make definite projections.

Football news:

Diego Simeone: real get more penalties because of VAR, because they attack more
Wolves again among the top (above Arsenal and Tottenham): include superpowers in the second half, do not carry iron and recover using NASA technology
Nemanja MATIC: There is a great camaraderie at Manchester United. It will be an honor to achieve a lot with this team
17 - year-old Liverpool forward Elliott has signed a professional contract
Inter scored an 18-year-old refugee. In 2016, he sailed to Sicily from Africa on a rubber boat
General Director of the banner of Labor about the player who was hit by lightning: the Dynamics of recovery is positive,it will play
An autobiography about Modric's career will be published in Russian