LVMH: Globally in line with expectations despite a poor Fashion & Leather performance

BUY, Fair Value EUR160 (+22%)
News published on April Tuesday 16, 2013
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LVMH has published Q1 sales (EUR6.95bn) globally in line with expectations.Q1 sales grew 5.6% including +7% at constant exchange versus +7.7% expected by the consensus and +7% by BG. We keep our Buy recommendation. Conference call today at 3pm (CET).

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