LVMH 1Q Revenue Outstripped Expectations Despite Global Pressures
April 12 2022 - 12:30PM
Dow Jones News
By Joshua Kirby
LVMH Moet Hennessy Louis Vuitton SE said Tuesday that sales rose
strongly in the first quarter, despite headwinds from
pandemic-related lockdowns in China.
The French luxury-goods major made quarterly revenue of 18
billion euros ($19.59 billion), 23% higher on year at constant
currency. The group had been expected to post revenue of EUR17.03
billion, according to a poll of analysts' estimates compiled by
FactSet.
The core fashion and leather-goods division, which houses brands
Dior and Louis Vuitton, posted the strongest organic growth of 30%
to EUR9.12 billion. All other divisions also grew on year, with the
wines and spirits business seeing the slowest growth at 2%, amid
supply constraints, LVMH said.
Revenue grew at double digits in the U.S. and Europe, and Asian
revenue also increased despite the impact of tightening sanitary
restrictions in China in March, the company said.
Looking ahead, LVMH noted the uncertainty caused by the
geopolitical environment, but said it remained confident, and that
it will continue to focus on innovation and investment in its
brands as it looks to "further strengthen its global leadership in
luxury goods" this year.
Write to Joshua Kirby at joshua.kirby@wsj.com;
@joshualeokirby
(END) Dow Jones Newswires
April 12, 2022 12:15 ET (16:15 GMT)
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