PARIS, Oct 13 (Reuters) – Shares in LVMH (LVMH.PA) had been flat in early buying and selling on Wednesday after the French luxurious large posted a robust rise in gross sales in its trend and leather-based items division within the third quarter.
LVMH, whose luxurious merchandise span Moët & Chandon champagne and Bulgari timepieces, stated on Tuesday the recognition of its star labels Louis Vuitton and Dior helped its trend and leather-based items division, which accounts for almost half of group gross sales, to report 24% progress.
Revenues for this enterprise on the finish of the quarter had been 38% above their pre-pandemic, 2019 degree, the identical price as within the first half. learn extra
LVMH shares opened up 0.4% after the opening bell earlier than falling flat in early commerce, outperforming the broader French inventory market.
“LVMH delivers another strong quarter”, analysts at Jefferies stated in a notice.
“While we remain cautious on the sector in the short term, we continue to view LVMH as the structural winner”, in addition they stated.
Overall Like-for-like gross sales, stripping out the impact of international alternate fluctuations, rose by 20% to fifteen.51 billion euros ($17.91 billion) within the three months to September. Growth was roughly in keeping with an analyst consensus forecast for a 21% rise.
($1 = 0.8660 euros)