|
RAPAPORT... LVMH Moët Hennessy Louis Vuitton reported that sales rose 6 percent year on year to $9 billion (EUR 6.95 billion) in the first quarter that ended on March 31. Same-store sales rose 7 percent. The luxury group stated that it continued to perform ''in line'' with the trends of the second half of 2012, which experienced slower growth than the previous period. LVMH experienced what it called strong growth in Asia and the U.S., while Europe demonstrated resistance to its challenging economic environment.
The watches and jewelry division's revenue fell 1 percent year on year to $814 million (EUR 624 million) and on a same-store basis, sales rose 2 percent during the first quarter. LVMH's other divisions experienced sales improvement with wines and spirits advancing 6 percent to $1.3 billion (EUR 979 million), fashion and leather goods rising 0.4 percent to $3.1 billion (EUR 2.4 billion), perfumes and cosmetics up by 4 percent to $1.2 billion (EUR 932 million) and selective retailing increasing 16 percent to $2.7 billion (EUR 2.1 billion).
LVMH concluded that despite weaker results for the jewelry division, its performance was achieved in a context of ''prudent buying by multi-brand retailers.'' TAG Heuer’s first quarter as marked by the 50th anniversary of its Carrera line and the new partnership with McLaren, which was announced in conjunction with the Geneva Motor Show. Hublot and Zenith also had a good start to the year. Bulgari confirmed the success of its Serpenti line and recorded strong revenue growth in its own stores, according to LVMH.
|