Tiffany Buyer LVMH Reports a Vigorous Q3 Rebound Despite COVID
European fashion and luxury goods giant LVMH Moet Hennessy (OTC: LVMHF), which is currently involved in a prolonged and uncertain acquisition of Tiffany & Co. (NYSE: TIF), reported its third-quarter 2020 results earlier today. While still down from Q3 2019, according to the press release, the company's metrics reveal a strong rebound in sales across most categories.
Organic revenue plunged 38% year over year in the second quarter but was only down 7% in Q3, showing the speed at which sales are returning. A breakdown of business activity by sector indicates LVMH is actually ahead of 2019 in its Fashion & Leather Goods segment, with a 12% revenue rise year over year. Wines & Spirits has almost recovered, with a 3% decline compared to 2019.
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Source Fool.com
