Citi‘s Most Read – Consumer

研报英文原文证据摘录

Citi‘s Most Read – Consumer

Roundup |

Citi's Most Read - Consumer

July 27 - August 2 03 Aug 2026 05:29:10 ET

ACMost Read Citi Global Research

As boundaries increasingly blur between conventional sectors, and as bottom-up +44-20-7500-1400

and top-down analysis converges, Citi Research offers a Super-Sector lens to help

you better understand and take advantage of widespread disruptive trends and

innovation, extending our peer analysis for greater breadth and depth. The

Consumer Super-Sector consists of the Consumer Discretionary, Consumer

Staples, and Commercial & Professional Services sectors. Please find below a

collection of our most impactful recent research in the Consumer Global Super-

Sector – we hope you find it thought-provoking.

Most Read

LVMH (LVMH.PA) - Inflection point reached as growth and cFX profitability

improve

With 2Q26 Group and Fashion & Leather organic growth accelerating sequentially

to +3% (cons.+2%) and +1% (cons.+1.7%), respectively, a ~3% 1H EBIT beat driven

by improved sales momentum at the three high-margin divisions and continued

cost reduction (Group/F&L EBIT margin -10bp/-60bp YoY to 22.5%/34.1% vs.

cons.21.8%/33.3%), and even better ex-FX (+40bp/+20bp), alongside a reassuring

conference call, the half-year results should provide a solid foundation for the

shares, having underperformed YTD (-28% vs.sector -20%) and derated to ~18x

FY27E P/E. Higher brand investment, disciplined cost control and strengthened

leadership teams should help cushion cyclical pressures, in our view. The

stabilisation in earnings since the 3Q25 sales print last October, together with

resilient 1H26 sales outside the Middle East, particularly among US and Asian

consumers, supports our view that LVMH has reached an inflection point in sales