LVMH shares fall on latest results

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LVMH1 Reuters. A street vendor walks past a Louis Vuitton luxury boutique.

Paris - Shares in French luxury products giant LVMH fell sharply in early trading on Friday after the company reported disappointing results late on Thursday.

The shares were down 5.66 percent to 133.2 euros in an overall French stock market which was down 0.71 percent.

This pulled down shares in other luxury groups.

Kering stock was down 2.64 percent to 155.15 euros and Hermes 1.68 percent to 260.55 euros.

LVMH had reported that net profit for the first six months of the year had fallen by 4.0 percent from the equivalent figure last year to 1.51 billion euros ($2.0 billion euros).

This undershot analysts' expectations of about 1.64 billion euros.

The group laid much of the blame on the unfavourable effects of currency fluctuations. - Sapa-AFP

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