FRANCE: LVMH toasts Q3 sales jump
- Champagne rebound continues
- Asia's thirst for Hennessy Cognac accelerates
- Upbeat on full-year outlook
Asia's thirst for Hennessy Cognac continues to grow
Rebounding demand for Champagne and ongoing thirst for Cognac in Asia have helped Moet Hennessy Louis Vuitton (LVMH) to a strong sales rise in its fiscal third quarter.
Net sales rose by 24% for the three months to the end of September, reaching EUR5.1bn (US$7.1bn), according to figures published by LVMH today (14 October). For the first nine months of 2010, sales rose by 19% on the same period of 2009, to EUR14.2bn.
A rebound in demand for Champagne in 2010 has helped the firm's wine and spirits division, Moet Hennessy, to report the second strongest sales growth in the business for the first nine months of the year.
"As distributors’ stocks returned to optimum levels, the performance of the champagne business in the third quarter reflected the good return of consumer demand," said Moet & Chandon producer. There was, however, some destocking in the US during September.
Cognac sales in Asia also remained strong. "Hennessy cognac continued to perform well and saw, in particular, an acceleration of its growth rate in Asia in the third quarter," said the group.
"The group will continue its proactive strategy focused on innovation and targeted geographical expansion in the most promising markets," it said. Like-for-like sales, excluding currency gains, rose by 14% for both the nine-month period and the third quarter.
For comment on LVMH Champagne sales, including quotes from the firm's results conference call, click here.
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