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BUZZ-Luxury: LVMH Q1 miss deals sector another blow

Reuters - UK Focus

** Soft Q1 sales numbers from LVMH (shares -3.3%) just the latest piece of grim news for luxury sector

** LVMH Q1 sales EUR 8.62 bln (v EUR 8.72 bln Reuters est) as tourist shopping in key markets such as France and Hong Kong remained low; fashion and leather division weaker

** Burberry, which reports on April 14, -1.8 pct, Christian Dior (Swiss: CDI.SW - news) -2.1 pct, Hermes -1.5 pct, Kering (Swiss: KER.SW - news) -2.1 pct, Moncler -3.1 pct and Salvatore Ferragamo (LSE: 0P52.L - news) -3.2 pct

** Grim backdrop; China weakness drove Prada (HKSE: 1913-OL.HK - news) quarterly profit down 27%, negativity at Baselworld watch fair, Jimmy Choo (LSE: CHOO.L - news) sounded caution, Paris, Brussels attacks deterrents to tourism

** Slight outpeformance seen from spirits cos Pernod Ricard (Paris: FR0000120693 - news) (-0.3%) and Remy Cointreau (Swiss: RCO.SW - news) (-1%); one trader flag positive read from LVMH - cognac better in US (RM (LSE: RM.L - news) : regis.corblin.thomsonreuters.com@reuters.net)