LVMH shares fall on disappointing half-time results

Shares in French luxury products giant LVMH fell sharply in early trading on Friday after the company reported disappointing results. The shares were down 5.66 per cent to 133.2 euros in an overall French stock market which was down 0.71 per cent. This pulled down shares in other luxury groups. Kering stock was down 2.64 per cent to 155.15 euros and Hermes 1.68 per cent to 260.55 euros. LVMH had reported that net profit for the first six months of the year had fallen by 4.0 per cent from the equivalent figure last year to 1.51 billion euros ($2.0 billion euros). This undershot analysts' expectations of about 1.64 billion euros. The group laid much of the blame on the unfavourable effects of currency fluctuations, according to AFP.