Market Updates
Europe Movers: H&M, J Sainsbury, LVMH, Rolls Royce
Bridgette Randall
27 Jan, 2023
Frankfurt
LVMH Moët Hennessy Louis Vuitton was nearly unchanged at €801.0 after the luxury products maker reported a 9% rise in organic sales in the fourth quarter.
Fourth quarter revenue increased to €22.7 billion and full-year 2022 revenues rose to 23% to €79.2 billion and net income from recurring operations increased 23% to €21.1 billion.
Net profit increased 17% to €14.1 billion and operating free cash flow surpassed €10 billion.
H&M Hennes & Mauritz AB decreased 4.1% to Swedish krona 125.80 after the fashion retailer's operating profit missed expectations set by some investors.
In Frankfurt, Heidelberg Materials increased 2.7% to €61.72 and Adidas increased 2.1% to €148.30.
J Sainsbury Plc increased 4.7% to 250.75 pence and the company confirmed that an investment group Bestway Group intends to acquire 3.45% stake in the retailer for "investment purposes and looks forward to supporting the executive management team."
Rolls Royce Holdings PLC decreased 3.6% to 109.38 pence after the recently appointed chief executive in a meeting with employees made cautious remarks.
"Every investment we make, we destroy value" and added "we underperform every key competitor," said Tufan Erginbilgic, the former BP executive who replaced Warren East as chief executive at the start of 2023.
Erginbilgic is expected to announce sweeping changes and a plan to restructure operations at the largest engineering company in the UK.
Rolls Royce has lost two-third of its market value in the last five years.
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