First-quarter sales for Paris based LVMH were up 3%, excluding currency swings and acquisitions, below the 4.1% median estimate of market analysts. Total revenue for the period increased 4% to €8.62 billion, while analysts had predicted €8.73 billion.

Revenue remained unchanged for the fashion and leather goods division, missing analysts’ estimate for 2.5% growth. Despite solid demand in the U.S., North American sales failed to compensate for weakness in key markets such as Asia and France; partly due to the terror attacks in Paris and Brussels and new biometric visa requirements deterring leisure travel, which are weighing on European sales.

According to LVMH, its performance in Asia was “varied,” while France, which accounts for about 10% of its business, was hurt by falling tourism.

Source: Bloomberg