PARIS – Suggesting ? demand for luxury has been untouched by recent financial turmoil, LVMH Moet Hennessy Louis Vuitton said its sales accelerated in the third quarter, gaining 10.3 percent to total 4.034 billion euros or $5.55 billion at average exchange rates, versus 3.658 billion euros, or $4.67 billion, a year ago.
The world’s biggest luxury group beat forecasts and posted double-digit organic gains across all business groups, and highlighted the “exceptional” performance of Louis Vuitton in the three months ended Sept. 30.
In a research note, Goldman Sachs analyst Jacques-Franck Dossin applauded a continued rebound in sales in Japan, where consumers embraced Vuitton¹s sharply priced “NeverFull” handbag. “We view this as great news given the overwhelming importance of Japanese purchases for the sector,” he wrote.
In a statement, LVMH confirmed its objective of a “significant increase” in operating results for the full year.
For complete coverage, see Tuesday's issue of WWD.
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