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LVMH shares rise after luxury giant’s Q4 sales growth accelerated -Breaking

by Mike Robinson

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© Reuters. FILE PHOTO – A Louis Vuitton sign is seen at a Paris store along the Champs Elysees, Paris, France on September 18, 2020. REUTERS/Charles Platiau/File Photo

PARIS (Reuters), LVMH’s shares rose after the conglomerate that makes luxury goods worldwide reported a sharp increase in fourth quarter sales.

LVMH shares rose 3.9 percent during early trading. The rally also lifted shares of luxury goods competitors such as Kering Hermes (PA)

LVMH is a brand-owner of brands including Hennessy cognac and cosmetics retailer Sephora. It announced on Thursday that fourth quarter sales growth was accelerating to 20.04 billion euro ($22.31 trillion) with the French Group’s top earners Louis Vuitton, Dior, leading growth.

Luxury labels led to a 28% jump in sales at LVMH’s largest division, fashion & leather goods. Analysts expected a 16% increase. In the three most recent months, revenues for the company were 51% more than the pre-pandemic 2019 level.

($1 = 0.8984 euros)

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