During last week, the Luxury Goods industry saw a significant sentiment increase of 42 points. LVMH and Tiffany & Co. were among the main drivers in the category with the highest sentiment scores reaching 51 points and 62 points respectively.
Top Industry: Luxury Goods
LVMH has reached a deal to buy Tiffany & Co. for USD 16.2 billion, which will give the company more access to U.S. customers. The acquisition is expected to close in the middle of 2020 and will help Tiffany & Co. transform its brand to target younger and more digital shoppers. LVMH already owns 75 luxury brands, including Christian Dior, Fendi and Givenchy, as well as its flagship brand Louis Vuitton.
Flop Industry: Home Improvement Stores
Meanwhile, ‘Home Improvement Stores’ was the worst-performing industry with a sentiment drop of 57 points. The Home Depot and Kingfisher ranked bottom in the category.
Home Depot’s third-quarter sales rose 3.5% from a year ago to $27.22 billion, which is slightly lower than the $27.53 billion Wall Street was expecting. Following the results, the company also trimmed its sales forecast for the fiscal year and now expects a growth of 1.8%, down from its previous guidance of 2.3%.
The Q3 earnings period was not good for Kingfisher either as its sales went down by 3.1%, reaching GBP 2.96 billion. The retailer also saw heavy decline across its international businesses as sales fell 4.9% across the different regions. During the last week, the sentiment score for Kingfisher reached a negative score of -34 points.
1 Companies that contributed most to last week’s industry sentiment change.
2 Top trending event related to the respective company.
3 Weekly aggregated company sentiment score (ranging from -100 to +100).
4 Weekly aggregated company attention buzz (the percentage by which the number of news, blogs and tweets about an asset deviates from normal attention).
*Industry name and classification as per Morning Star
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