FRANCE: Champagne, Cognac both strong in LVMH Q1
LVMH Moët Hennessy Louis Vuitton issued its Q1 update earlier today
LVMH Moët Hennessy Louis Vuitton has posted a healthy leap in sales for the first three months of 2012.
The French luxury goods group, which owns the Moët & Chandon Champagne business and the Hennessy Cognac brand, said earlier today (18 April) that sales from the unit in the first quarter jumped by 22% on a reported basis year-on-year to EUR926m (US$1.21bn). Both the Champagne and Cognac units were singled out in the trading update for their healthy performances.
Champagne delivered volume growth of 5% in the period, with its prestige brands continuing to "perform well", LVMH said. Hennessy Cognac, meanwhile, had an "excellent" start to the year across the full range, with volume growth of 9% and positive impacts from its product mix and price increases.
The LVMH group as a whole posted a 25% rise in sales, to EUR6.6bn.
The company's share price slipped back by 1.5% in early trading this morning.
Half-year results, including profit performance, will be released in late-July.
To read the official announcement, click here.
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