30.04.2020 LVMH Daily Analysis

30.04.2020 LVMH Daily Analysis

LVMH today is trading at $392.59, it went up with $10.04 from $382.55 Although LVMH is trading higher today it hasn't been the best first quarter for LVMH. The group posted a 17% drop in the first quarter sales and they say this is mainly due to the effects of coronavirus. LVMH, which owns the likes of Dior, Fendi, and Givenchy, had to temporarily shut stores in major cities due to the ongoing pandemic and this resulted in the drop in their earnings reports for the first quarter.  However today LVMH is trading higher as it is using some of its factories to produce face masks and hand gels for frontline health workers so that they help contain the coronavirus pandemic. LVMH is trading higher today as they announced that although their first quarter wasn't good, the online sales surged because of rapid sales and they are hoping for a broad recovery in May or June. According to LVMH chairman and chief executive Bernard Arnault announced that they did not expect the pandemic to have a lasting impact however they are preparing to reopen with new safety conditions for employees.