LVMH reported the Iran war reduced group sales by at least 1% in Q1, citing lower Gulf spending and fewer European tourists. Currency-adjusted sales grew just 1%, below the 1.5% estimate. Mall traffic in the Middle East fell 30–70%, with Dubai sales down 50%. U.S.-listed shares fell 3.75% and Kering dropped 1.5%. LVMH shares are down 26% this year.
