LVMH Sales Miss Expectations | BoF

LVMH reported a bigger-than-anticipated drop in first-quarter sales as the sector’s downturn showed little sign of abating.

Sales fell 5 percent on an organic basis in the key fashion and leather goods division, whose biggest brands include Louis Vuitton, Dior, Fendi and Loewe. Analysts had forecast a 1 to 2 percent dip.

LVMH is installing new talent in the executive ranks and top creative roles at its biggest brands, and said it is controlling costs to mitigate…