LVMH beats sales forecasts in first quarter in boost for luxury sector
French luxury goods group LVMH on Monday posted a surge in first quarter sales, beating analysts` growth forecasts and boosted by Asian demand for its labels ranging from Louis Vuitton to Christian Dior.
The company, which also owns champagne houses like Moet & Chandon, said revenues in the first quarter reached 10.85 billion euros ($13.4 billion), exceeding the 10.64 billion euros expected by analysts polled for Reuters by Inquiry Financial.
The world`s largest luxury goods firm is setting the tone for the sector at the start of 2018, as the first to report earnings.
LVMH and many of its rivals already benefited from revived appetite from Chinese consumers in 2017, even as they grappled with headwinds such as a stronger euro.
($1 = 0.8119 euros)
(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)
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