LVMH Sales Impacted by Terrorism in Paris
April 11 2016 - 12:59PM
Dow Jones News
By Jason Chow
PARIS -- LVMH Moët Hennessy Louis Vuitton SE's first-quarter
revenue rose 4% as the French luxury conglomerate scraped growth
amid a feeble global economic environment but the firm admitted
that sales of fashion and handbags are still suffering from the
fallout of last year's terrorist attacks in Paris.
The firm brought in EUR8.62 billion ($9.85 billion) in sales
during the first three months of 2016, below the average forecast
of EUR8.73 billion by 37 analysts polled by FactSet.
LVMH doesn't release quarterly profit figures.
The company's overall organic revenue growth, which strips out
the effects of currency, rose 3% in the first quarter.
"The U.S. market is strong and Europe remains well oriented
except for France which is affected by a fall in tourism," the
company said in a statement.
LVMH, which owns a multitude of brands including flagship
fashion label Louis Vuitton, champagne house Moët & Chandon and
cognac label Hennessy, reported flat sales in its fashion and
leather goods division. Meanwhile, its wines & spirits division
reported 4% growth due to strong sales of cognac in both the U.S.
and China.
Write to Jason Chow at jason.chow@wsj.com
(END) Dow Jones Newswires
April 11, 2016 12:44 ET (16:44 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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