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PARIS — LVMH Moët Hennessy Louis Vuitton said sales advanced 4 percent in reported terms to 7.2 billion euros, or $9.9 billion, in the first quarter ending March 31, versus 6.9 billion euros, or $9.1 billion, in the year-ago period.
This story first appeared in the April 10, 2014 issue of WWD. Subscribe Today.
The growth in sales resulted from a strong performance of the conglomerate’s fashion and leather goods business, which rose 11 percent to 2.6 billion euros, or $3.6 billion, helped by Louis Vuitton.
“Louis Vuitton had an excellent start to the year,” the company said Wednesday, pointing out its new artistic director, Nicolas Ghesquière, and the strong performance of a range of looks from the Monogram line as positive factors.
In the same period, selective retailing edged up 5 percent to 2.2 billion euros, or $3 billion, buoyed by “the ongoing development of tourism in Asia,” most notably Macao and Hong Kong.
The group’s wines and spirits business, meanwhile, declined 8 percent to 888 million euros, or $1.2 billion, due to the destocking of cognac by retailers in China, the luxury goods maker explained.
Dollar figures are converted from euros at average exchange rates for the periods in question.
LVMH observed continued growth in the United States and Asia, particularly Japan, while Europe “demonstrated resilience in a still challenging economic environment,” the company said.