LVMH shares hit all-time high as China rebounds

Reuters Videos
1 年前

STORY: LVMH shares hit an all-time high on Thursday (April 13).

Stocks at the world’s largest luxury company gained almost 5% after it reported a 17% rise in first-quarter sales.

During the period, sales at the French company, which owns high-end brands including Louis Vuitton and Dior, came to over $23 billion.

This result was more than double analysts’ expectations.

It was helped as its key Chinese market rebounded sharply from health crisis lockdowns.

LVMH said sales grew 14% in Asia, excluding Japan, compared with an 8% fall in last year’s fourth quarter.

The group said it expected China to drive growth in 2023.

For the U.S., the picture was more mixed.

Last year’s strong demand for European fashion houses showed signs of waning - especially in younger shoppers.

Sales beat analyst expectations, growing 8% in the quarter.

But the LVMH mostly put that down to business at Sephora, its less exclusive chain of beauty stores.

The firm said it saw softer demand in the U.S. for fashion and leather goods, claiming business was "slowing down a bit".

LVMH's shares have risen just under a quarter since the start of the year, and is Europe's most valuable company.