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LVMH (Aa3, AA-; S) {MC FP Equity}; Earnings Call

CONSUMER CYCLICALS
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Some read through there to Kering (NR, A- S) & Coty (Ba2, BB+, BB+; Triple Pos) - both positive.

  • Earnings after close (numbers linked at bottom) relatively in-line at 3% yoy organic growth (c3.3%) for Q1.
  • Miss on Asia (ex. Japan) at -6% (despite pricing +4-6%) though still above Kering's -10% 1Q group guidance that flagged APAC weakness (analyst likely looking for 10%+ fall in the region for Kering - reports next week).
  • Mgmt pointed to Japan growth (at +32%, +7% of it from pricing) as driven by Chinese tourist to explain away the local weakness. It also said Chinese supported US/Europe sales with 20% of mainlander shopping outside Asia (up from 10% last year). It says China cluster spending on Fashion & leather was up a firm +10%.
  • Asia weakness was dragged on by Wine & Spirits (globally weak demand as well at -12%), fashion and leather slightly above the -6% & perfume & cosmetics firmly above.
  • On perfume & cosmetics (+7%) it was asked about Ulta's {ULTA US Equity} weak guidance recently on slowdown in US beauty {NSN SAE3GYT0G1KW <GO>} which LVMH said it sees no signs of with Prestige business doing well.
  • Notes inflation impacts on US & Europe should keep markets soft & in contrast to China which isn't facing those issues - it says Japan selling at 10% premium to Europe, China at 20-22% premium,

Yesterday's numbers; https://marketnews.com/lvmh-aa3-aa-s-mc-fp-equity

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Some read through there to Kering (NR, A- S) & Coty (Ba2, BB+, BB+; Triple Pos) - both positive.

  • Earnings after close (numbers linked at bottom) relatively in-line at 3% yoy organic growth (c3.3%) for Q1.
  • Miss on Asia (ex. Japan) at -6% (despite pricing +4-6%) though still above Kering's -10% 1Q group guidance that flagged APAC weakness (analyst likely looking for 10%+ fall in the region for Kering - reports next week).
  • Mgmt pointed to Japan growth (at +32%, +7% of it from pricing) as driven by Chinese tourist to explain away the local weakness. It also said Chinese supported US/Europe sales with 20% of mainlander shopping outside Asia (up from 10% last year). It says China cluster spending on Fashion & leather was up a firm +10%.
  • Asia weakness was dragged on by Wine & Spirits (globally weak demand as well at -12%), fashion and leather slightly above the -6% & perfume & cosmetics firmly above.
  • On perfume & cosmetics (+7%) it was asked about Ulta's {ULTA US Equity} weak guidance recently on slowdown in US beauty {NSN SAE3GYT0G1KW <GO>} which LVMH said it sees no signs of with Prestige business doing well.
  • Notes inflation impacts on US & Europe should keep markets soft & in contrast to China which isn't facing those issues - it says Japan selling at 10% premium to Europe, China at 20-22% premium,

Yesterday's numbers; https://marketnews.com/lvmh-aa3-aa-s-mc-fp-equity

Keep reading...Show less