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 2019.

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 [e-mail]; @joshualeokirby

(END) Dow Jones Newswires

April 13, 2021 12:12 ET (16:12 GMT)

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