PARIS (Agefi-Dow Jones)–The world’s number one luxury goods company LVMH on Tuesday published a 29% increase in turnover in the first quarter ended at the end of March, supported by the lifting of health restrictions in many countries at the exception of China, where sales suffered in March from new confinements.
The turnover of the group with 75 luxury “houses” reached 18 billion euros for the first three months of the year, an increase of 29% in published data and 23% at exchange rates and scope. constants.
According to the consensus established by FactSet, analysts expected an average turnover of 17.03 billion euros.
“LVMH is having a good start to the year in an environment still disrupted by the health crisis and marked by the dramatic events in Ukraine,” the group commented in a press release. LVMH notably closed its stores in Russia in early March, like most luxury brands.
Despite these events, the group recorded “double-digit” growth in Europe and the United States in the first quarter. As for Asia, it “remained up over the quarter despite a month of March affected in China by the strengthening of health restrictions”, indicated LVMH.
By division, fashion and leather goods once again performed better than expected, with organic growth of 30%, compared to 28% in the fourth quarter of 2021. The division alone generates nearly three quarters of the group’s profits.
“With the exception of wines and spirits, always [confrontés] to supply constraints, all activities are achieving double-digit sales growth,” said LVMH.
The group said it was “both vigilant and confident” for the rest of the year, given the disturbed geopolitical and health context.
-Francois Schott, Agefi-Dow Jones; +33 (0)1 41 27 47 92; [email protected] ed: LBO
LVMH FINANCIAL RELEASES:
http://www.lvmh.fr/communication-financiere/communiques
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April 12, 2022 12:07 ET (16:07 GMT)