LVMH sales leap 12% as luxury goods remain in fashion – Financial Times

LVMH kicked off the earnings season for the luxury goods sector by beating analyst consensus and recording €10.4bn of revenues in the third quarter of this yr.

The world’s largest luxury group by revenues stated on Monday after market shut that revenues grew 12 per cent yr on yr in the third quarter, to €10.4bn, after stripping out the affect of currencies and acquisitions. This progress continues the pattern from earlier in the yr and surpassed analyst estimates of €10.2bn.

The entire divisions skilled double digit progress apart from wines and spirits, which elevated revenues four per cent in the third quarter as the enterprise was held again by provide constraints.

Natural progress was led by fragrance and cosmetics, which elevated 17 per cent, whereas the watches and jewelery, and selective retailing divisions every grew revenues 14 per cent yr-on-yr on an natural foundation. Fashion and leather-based goods elevated revenues 13 per cent.

General through the first 9 months of the yr LVMH grew revenues 12 per cent to €30.1bn, stripping out the affect of currencies and acquisitions. On a reported foundation, the strengthening euro drove a destructive foreign money affect of 5 per cent whereas the acquisition of Christian Dior Couture, which was finalized in July, drove a optimistic affect of seven per cent.

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LVMH sales leap 12% as luxury goods remain in fashion - Financial Times