LVMH’s revenue climbed 8 percent over 2019 levels during the first-quarter, the French luxury group said in a statement. Analysts at UBS predicted a 2 percent increase.
The company saw fast-growing sales for wine and spirits, as well for the fashion and leather goods division that is powered by Louis Vuitton and Dior. That key division saw sales rise 37 percent on 2019.
The retail unit that operates Sephora and travel shopping chain DFS struggled to bounce back, however. Sales fell 5 percent versus Q1 last year — and by a steep 30 percent compared with the same period in 2019 — as the division was penalised by a new round of retail shutdowns in Europe due to coronavirus, as well as by the absence of a recovery in long-haul travel.
During the first quarter since completing a blockbuster deal to acquire Tiffany & Co. sales of watches and jewellery grew 1 percent versus 2019.
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