FRANCE: Asia and US drive LVMH growth in Q1
LVMH Moet Hennessy Louis Vuitton said today that it had seen organic sales growth of 11% in the first quarter of 2005. Consolidated sales were €3,082m for the period.
"The sales growth momentum since the beginning of the year is impressive with almost all business groups recording double-digit organic sales growth," a statement said.
The company's wines & spirits division reported sales of €510m, representing organic growth of 13%.
LVMH said the Dom Perignon, Krug and Veuve Clicquot Champagne brands performed very well.
Hennessy enjoyed an impressive start as well, with strong sales growth in the US and Asia, the company said. "China confirmed its growing potential as an important market for our brands," the statement said.
Following its acquisition at the start of the year, Glenmorangie contributed to the group's sales growth.
"Within an unfavourable monetary environment, the tourism sector has witnessed a sustained recovery and both the US and Asian economies are in full expansion. Against this backdrop, LVMH will continue to pursue growth in 2005 by taking advantage of the strength of its brands, new product launches and penetration of new markets. Increasing market share and the profitability of our leading brands, as well as improving the performance of our developing companies and cash generation, remain LVMH's top priorities. Progress in each of these areas enables the Group to confirm its objective of another tangible increase in operating income for 2005," the statement concluded.
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