FRANCE: LVMH Moët Hennessy shrugs off economic jitters in Q3
Strong demand for Chamagne and Cognac has ensured that Moët Hennessy continued to increase sales in the third quarter of 2011.
The wine and spirits arm of luxury goods group LVMH reported sales up by 3% for the three months to the end of September, to EUR871m (US$1.2bn). The rise suggests the Hennessy Cognac producer has lost some momentum from the first half of the year, when sales rose by 10% thanks to a particularly strong performance around Chinese New Year.
However, despite fears of a fresh global economic crisis, the French firm said that it contiunes to see rebounding demand for Champagne and strong thirst for Cognac in Asia. For the first nine months of the year, Moët Hennessy reported net sales up by 7% to EUR2.3bn.
The overall LVMH group reported nine-month sales up by 15%, to EUR16.3bn. "The excellent performance of LVMH in the first nine months has confirmed its confidence for the remainder of 2011," it said.
For the company's announcement, click here.
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