LVMH Q1 sales exceed estimates
France-based luxury goods manufacturer, LVMH Moet Hennessy Louis Vuitton, has announced its first-quarter sales rose 17%, beating analysts’ estimates.
Revenue increased to EUR5.25 billion ($7.46 billion) from EUR4.47 billion a year earlier, the Paris-based company said today. Excluding acquisitions and currency shifts, sales climbed 14%.
“The group had an excellent start to the year, continuing the trends seen at the end of 2010,” LVMH said in a statement. The company aims “to increase once again in 2011, its leadership of the global high-quality products market.”
Revenue at the fashion and leather-goods unit, LVMH’s largest, rose 1%, the company said, led by growth at the Louis Vuitton brand. Vuitton may hire as many as 700 leather workers this year to cope with rising demand, it was reported in February.
