Paris: Shares in French luxury products giant LVMH fell sharply in early trading on Friday after the company reported disappointing results late on Thursday.
The shares were down 5.66 per cent to €133.20 (Dh658.02) 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 and Hermes 1.68 per cent to €260.55.
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 ($2.0 billion).
This undershot analysts’ expectations of about €1.64 billion.
The group laid much of the blame on the unfavourable effects of currency fluctuations.