FRANCE: LVMH Q1 sales up 11% as trading rebounds
- Q1 revenues up 11% to EUR4.47bn
- Fashion/leather goods revenues up 8% to EUR1.73bn
- Led by “exceptional” Louis Vuitton performance
A recovery in the US and Europe helped world-leading luxury goods company LVMH to post first quarter revenues of EUR4.47bn (US$6.08bn), up 11% on last year.
All the company’s business groups recorded double-digit organic revenue growth in the first three months of 2010, including fashion and leather goods, up 10% (or 8% on a reported basis) to EUR1.73bn.
LVMH pointed to the “exceptional” performance of Louis Vuitton, buoyed by the opening of a new Maison in Kobe, Japan.
Fendi also enjoyed a “very good” start to 2010, boosted by growth at its stores, the Paris-based company said.
“Taking into account the uncertainty of the strength of the economic recovery, LVMH will continue to concentrate all of its efforts on the development of its formidable brands, while maintaining strict cost management and selective investments,” said LVMH.
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