Stockmarket

LVMH shares rise after luxury giant's Q4 sales growth accelerated



© Reuters. FILE PHOTO: A Louis Vuitton logo is seen outside a store on the Champs-Elysees in Paris, France, September 18, 2020. REUTERS/Charles Platiau/File Photo

PARIS (Reuters) – Shares in LVMH (PA:) rose on Friday after the world’s largest luxury goods conglomerate reported an acceleration in its fourth quarter sales growth.

LVMH shares were up 3.9 percent in early session trading, and the rally in LVMH also lifted up the shares of its luxury goods rivals such as Kering (PA:) and Hermes.

LVMH, which owns brands spanning Hennessy cognac to cosmetics retailer Sephora, said on Thursday that its fourth-quarter sales growth accelerated, reaching 20.04 billion euros ($22.31 billion) overall, with growth led by the French group’s biggest earners Louis Vuitton and Dior.

The luxury labels propelled a 28% rise in sales of LVMH’s largest division, fashion and leather goods, on a like-for-like basis, beating analyst expectations for 16% growth. Revenues for the business in the last three months of last year came in 51% above their 2019, pre-pandemic level.

($1 = 0.8984 euros)

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.



READ SOURCE

Leave a Reply

This website uses cookies. By continuing to use this site, you accept our use of cookies.