PARIS, June 30 (Reuters) - The fallout from the coronavirus crisis, which forced retailers to close stores, will weigh on Louis Vuitton owner LVMH’s earnings for some time yet, though there are some signs of recovery in June, executives at the group said.
The luxury goods group’s second quarter earnings will be particularly penalised in Europe and the United States, Chairman Bernard Arnault told a shareholder meeting.
“We can only hope at this point for a gradual recovery,” Arnault told investors, adding that the second half of the year looked better and flagging some “quite vigorous” signs of recovery in June, as virus lockdowns lifted in much of Europe.
Finance chief Jean-Jacques Guiony said the fallout would still be felt in the months to come but that it was not possible to make definite projections. (Reporting by Sarah White, Editing by Dominique Vidalon)