Louis Vuitton reports Q1 better than expected financials
LVMH, the world’s largest luxury group, said its flagship Louis Vuitton brand had a “excellent” start to the year and its fashion and leather division posted a higher than expected rise in like-for-like first-quarter sales.
LVMH said comparable sales at its fashion and leather division, its biggest, rose 9 percent in the three months to March 31, beating analysts’ expectations of a 5-7 % rise. LVMH first quarter sales totalled 7,2 billion euros with all divisions reporting growth, except Fine Wines & Spirits which reported a decline of 8%, a trend explained by the performance of cognac in China, linked to current destocking by retailers. Champagne experienced a good start to the year. The prestige vintages, in particular, recorded strong growth.
The Watches & Jewelry business group recorded organic revenue growth of 5% in the first quarter of 2014. Performance at directly operated stores was good. Bulgari celebrated its 130th anniversary with the opening of its renovated flagship boutique in Rome’s Via dei Condotti, and enriched its offer with new creative and iconic collections.