LVMH's wine-and-spirits division saw its sales bounce back in the first quarter after sliding back in the final three months of 2025.

The group's Moët Hennessy unit saw its organic revenue grow 5% in the first three months of 2026 to €1.27bn ($1.49bn). Sales declined 2% on a reported basis.

In the third quarter of 2025, the division’s sales rose 1% on an organic basis but, in the last three months of the year, they fell 9% organically, which contributed to an annual decline of 5%.

In the opening three months of this year, revenue from Champagne and wines rose 5% on an organic basis to €663m.

LVMH said Champagne had seen "a good start to the year," particularly in Europe, while Provence rosé also "maintained their positive momentum".

Revenues from Cognac rose 5% on an organic basis to €610m. It benefitted from "a favourable calendar effect for Chinese New Year with respect to 2025", the group said in its statement.

Speaking to analysts yesterday (13 April), CFO Cécile Cabanis said LVMH had seen "solid growth" in wine-and-spirits, with "good stabilisation" in Champagne and a "good performance of wine".

Reflecting on Cognac, Cabanis said the group had seen "a good Chinese New Year" in the quarter but warned analysts that the positive performance for Cognac was not expected to continue.

She said: "The shipment enabled to count the growth for the start of the year. This helped to mitigate a demand in the US that is still soft and that we don't see moving a lot.

"Q2 will not be repeating Q1, overall, given this impact but we are already quite pleased that Champagne has stabilised and that wine[s] are doing great."

LVMH's group sales grew 1% organically and declined 6% on a reported basis to €19bn in the first three months of 2026.

The company said the ongoing war in the Middle East had a negative effect of 1% on organic growth in the quarter, with the region being "strongly affected" by the conflict.