PARIS – While its wines and spirits division lacked fizz, LVMH Moet Hennessy Moët Hennessy kept up its double-digit momentum in the first quarter, as group sales jumped 12 percent at constant exchange to 4.00 billion euros, or $5.99 billion at average exchange rates.
Reflecting the negative impact of exchange rates, reported sales at the French luxury giant increased 5 percent from 3.804 billion euros, or $5.70 billion.
Releasing its sales after the close of the Paris Bourse, LVMH reported organic revenue growth of 19 percent for watches and jewelry and 14 percent for fashion and leather goods, citing an exceptional performance by Louis Vuitton, which achieved “particularly significant increases in the U.S., Europe and Asia.”
The company, which is to host a conference call on Wednesday to discuss the figures, confirmed its objective of “tangible” growth in its operating results in 2008 despite a “challenging monetary environment and an uncertain economic climate at the beginning of this year.”
For complete coverage, see Wednesday’s issue of WWD.