LVMH Books Strong Start to 2023 as Sales Boosted by China Rebound, Travel Recovery

By Joshua Kirby

LVMH Moet Hennessy Louis Vuitton SE on Wednesday reported first-quarter sales above expectations, as a lifting of sanitary restrictions in China boosted performance there, and a rebound in international travel drove duty-free sales.

The French luxury-goods giant, owner of fashion houses Dior and Louis Vuitton and jewelers Bulgari and Tiffany, made total revenue of 21.04 billion euros ($22.96 billion) in the first three months of the year, rising 17% at constant currency from EUR18 billion in the same period last year. Analysts had forecast quarterly sales of EUR20.02 billion, according to a FactSet-compiled poll.

The pace of growth ticked higher from the previous quarter, spurred by the lifting of pandemic restrictions in China at the end of last year, as well as by continued momentum in the mainstay fashion business, which booked an 18% rise to more than EUR10 billion for the quarter.

LVMH's selective-retailing division, which houses duty-free chain DFS, reported the strongest growth at 28%, boosted by the recovery of international travel in the key destinations of Hong Kong and Macau, LVMH said. The division's beauty retailer Sephora, meanwhile, took further market share, the company said.

Looking ahead, LVMH said it is confident of reinforcing its leading position in luxury goods, despite global economic and geopolitical uncertainty.

Write to Joshua Kirby at joshua.kirby@wsj.com; @joshualeokirby

(END) Dow Jones Newswires

April 12, 2023 12:17 ET (16:17 GMT)

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