LVMH Beats Consensus With Strong 1Q Sales Growth
By Joshua Kirby
LVMH Moet Hennessy Louis Vuitton SE said Tuesday that sales
returned to strong growth in its first quarter, boosted by its core
soft-luxury division and by the integration of jeweler Tiffany.
Sales at the French luxury-goods conglomerate grew by 30%
organically on year to 13.96 billion euros ($16.63 billion). The
figure represents an 8% rise compared with the same period in
Analysts had forecast quarterly sales of EUR12.58 billion,
according to a FactSet-compiled consensus of seven estimates.
The core fashion & leather goods division booked the largest
increase at 52%, while the watches & jewelry division, with
Tiffany integrated for the first time, posted growth of 35%. Only
selective retailing booked a sales decline at 5% on year, affected
by store closures across Europe, LVMH said.
The company added that it aims to regain growth momentum across
its business to build recovery in 2021.
Write to Joshua Kirby at firstname.lastname@example.org;
(END) Dow Jones Newswires
April 13, 2021 12:12 ET (16:12 GMT)
Copyright (c) 2021 Dow Jones & Company, Inc.