(Alliance News) - LVMH Moet Hennessy Louis Vuitton SE posted a small rise in revenue in the first quarter buoyed by double-digit growth in Japan but sales in Wines & Spirits failed to sparkle.
The Paris-based luxury goods manufacturer said organic revenue rose 3% to EUR20.7 billion in the first three months of 2024, but fell 2% on a reported basis from EUR21.04 billion a year prior.
"LVMH had a good start to the year despite a geopolitical and economic environment that remains uncertain," the company said.
"Europe and the US achieved growth on a constant currency and consolidation scope basis over the quarter; Japan recorded double-digit revenue growth; the rest of Asia reflected the strong growth in spending by Chinese customers in Europe and Japan," it stated.
Fashion & Leather Goods fell 2% on a reported basis to EUR10.49 billion from EUR10.73 billion although Louis Vuitton made an excellent start to the year.
Elsewhere, Perfumes & Cosmetics revenue rose 3%, Selective Retailing rose 5%, Watches & Jewellery fell 5% while Wines & Spirits slumped 16% on a reported basis.
On a like-for-like basis, Fashion & Leather Goods revenue rose 2%, Perfumes & Cosmetics rose 7%, Selective Retailing rose 11%, Watches & Jewellery fell 2% while Wines & Spirits slumped 12%.
LVMH said Champagne sales were down, reflecting the normalisation of post-Covid demand and a touch comparative. Hennessy cognac was once again hampered by a cautious attitude among retailers, which limited orders in an environment that remained uncertain in the US.
LVMH highlighted an excellent performance at Christian Dior, spurred by the ongoing success of fragrances Sauvage, J’adore and Miss Dior.
"In an uncertain geopolitical and economic environment, LVMH remains both vigilant and confident at the start of the year. The Group will continue to pursue its strategy focused on the development of its brands, driven by a sustained policy of innovation and investment as well as by a constant quest for quality in its products, their desirability and their distribution," the company added in a statement.
Shares in LVMH closed down 1.6% at EUR781.80 in Paris on Tuesday.
By Jeremy Cutler, Alliance News reporter
Comments and questions to newsroom@alliancenews.com
Copyright 2024, Alliance News
TOP NEWS: LVMH ekes out modest gain in first quarter comparable sales
(Alliance News) - LVMH Moet Hennessy Louis Vuitton SE posted a small rise in revenue in the first quarter buoyed by double-digit growth in Japan but sales in Wines & Spirits failed to sparkle.
The Paris-based luxury goods manufacturer said organic revenue rose 3% to EUR20.7 billion in the first three months of 2024, but fell 2% on a reported basis from EUR21.04 billion a year prior.
"LVMH had a good start to the year despite a geopolitical and economic environment that remains uncertain," the company said.
"Europe and the US achieved growth on a constant currency and consolidation scope basis over the quarter; Japan recorded double-digit revenue growth; the rest of Asia reflected the strong growth in spending by Chinese customers in Europe and Japan," it stated.
Fashion & Leather Goods fell 2% on a reported basis to EUR10.49 billion from EUR10.73 billion although Louis Vuitton made an excellent start to the year.
Elsewhere, Perfumes & Cosmetics revenue rose 3%, Selective Retailing rose 5%, Watches & Jewellery fell 5% while Wines & Spirits slumped 16% on a reported basis.
On a like-for-like basis, Fashion & Leather Goods revenue rose 2%, Perfumes & Cosmetics rose 7%, Selective Retailing rose 11%, Watches & Jewellery fell 2% while Wines & Spirits slumped 12%.
LVMH said Champagne sales were down, reflecting the normalisation of post-Covid demand and a touch comparative. Hennessy cognac was once again hampered by a cautious attitude among retailers, which limited orders in an environment that remained uncertain in the US.
LVMH highlighted an excellent performance at Christian Dior, spurred by the ongoing success of fragrances Sauvage, J’adore and Miss Dior.
"In an uncertain geopolitical and economic environment, LVMH remains both vigilant and confident at the start of the year. The Group will continue to pursue its strategy focused on the development of its brands, driven by a sustained policy of innovation and investment as well as by a constant quest for quality in its products, their desirability and their distribution," the company added in a statement.
Shares in LVMH closed down 1.6% at EUR781.80 in Paris on Tuesday.
By Jeremy Cutler, Alliance News reporter
Comments and questions to newsroom@alliancenews.com
Copyright 2024, Alliance News