LVMH says champagne sales are down because people aren't partying like they used to

French luxury giant LVMH reported earnings Tuesday. Sales in the first quarter were down slightly from the same time last year.

But the biggest drop came from the company’s “wines and spirits” division, where revenue was 16% lower. It singled out dour champagne sales, “reflecting the normalization of post-Covid demand,” it said in a release accompanying the results.

This story will be updated.