0818 GMT - The European luxury sector is expected to show no appreciable improvement in 2H from flattish demand the six months prior, Jefferies analysts say in a research note. "As feared it has been an 'eventful' back-to-school for luxury", with sector forecasts having been cut by mid-single digits in the past months, the analysts say. Weaker China, slower travel spend and uncertainty in the U.S remain the key lessons and are likely behind a weak 2H to date, they add. The analysts expect greatest valuation support at Hermes and Richemont, and superior earnings resilience at Prada. Jefferies cuts its Burberry recommendation to underperform, with shares trading 4.4% lower at 5.98 pounds. (nina.kienle@wsj.com)
(END) Dow Jones Newswires
September 20, 2024 04:20 ET (08:20 GMT)
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