Bernard Arnault, Chairman and CEO of LVMH Moet Hennessy Louis Vuitton, speaks during a press conference to present the 2023 annual results of LVMH in Paris, France, January 25, 2024.
Benoit Tessier | Reuters
LVMH shares jumped more than 8% on Friday morning, after the world’s largest luxury group posted higher-than-expected sales for 2023 and raised its annual dividend.
The owner of Louis Vuitton, Moët & Chandon and Hennessy, as well as brands including Givenchy, Bulgari and Sephora, on Thursday night reported sales amounting to 86.15 billion euros ($93.34 billion) for 2023, exceeding consensus forecasts and equating to 13% organic growth from the previous year.
Organic revenue was up 10% in the fourth quarter.
The result was boosted in particular by 14% annual growth in the critical fashion and leather goods sector, along with 11% growth in perfumes and cosmetics. Wines and spirits meanwhile posted a 4% decline.
This is a breaking news story, and it is being updated.
Source: https://www.cnbc.com/2024/01/26/lvmh-shares-jump-8percent-as-earnings-point-to-luxury-sector-resilience.html