LVMH Beats Forecasts With 16% Sales Rise in Q1

PARIS – LVMH Moët Hennessy Louis Vuitton said sales rose 16 percent in the first quarter to 12.54 billion euros, boosted by a stronger-than-expected performance in its key fashion and leather goods division. Organic growth for the three months to March 31 was 11 percent. The luxury giant said sales in the FLG division, which includes Louis Vuitton, Fendi and Dior, jumped 15 percent on a like-for-like basis to 5.11 billion euros during the quarter, sharply beating consensus estimations of around 12 percent organic growth, despite tough comparables. The strong results indicate that the world’s largest luxury group is maintaining its momentum despite concerns over a slowdown in China, which accounts for roughly one-third of the world’s luxury sales. Rival Kering is set to publish its first-quarter revenues on April 17, while Compagnie Financière Richemont will unveil its annual results on May 17.

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