For the third time in recent months Moet-Hennessy Louis Vuitton (LVMH) on November 12 issued a warning on profits. The French luxury goods group said it expected profits to be down 10-15% for the year, partly due to additional effects stemming from the tragic events of September 11. In the month of October turnover fell by 5% compared to the same month in the previous year.

The leather activities of Louis Vuitton are one of the bright spots for the group while the worst performing areas are the Duty Free Shoppers (DFS) network and Miami Cruiseline. The Sephora chain is also facing difficulties in the US market and LVMH are thought to be looking for a partner for the outlets.