Growth no luxury for LVMH as sales soar
Paris (AFP) –
LVMH, the world's top luxury group, showed no signs of being affected by the lethargy afflicting the global economy, with sales pushing 17 percent higher in the third quarter according to a statement released on Wednesday.
At 13.3 billion euros ($14.6 billion) the sales beat by over half a billion euros the consensus forecasts by Bloomberg and Factset for the group which brands include Louis Vuitton, Fendi, Dior and Givenchy.
"The United States and Europe saw good progress in the third quarter, as did Asia, despite the difficult context in Hong Kong," the Paris-based firm said in a statement.
Sales in the flagship fashion and leather goods segment was up by 22 percent in the first nine months of the year compared to the same period in 2018.
LVMH didn't provide any guidance about full year results and said it would pursue its strategy focused on innovation and targeted geographic expansion in the most promising markets amid the "uncertain geopolitical context".
© 2019 AFP