High-end retailers were among notable gainers on Tuesday after LVMH topped earnings estimates.
The French fashion and luxury goods giant posted a 27.4% jump in revenue from the prior year quarter to €19.76B. Total revenue for the first 9 months of the year rose to €56.5B, reflecting a 28% rise from the prior year period as wealthier consumers proved resilient to rampant inflationary pressures, especially on European consumers.
“Europe, the United States and Japan, up sharply since the start of the year, benefitted from the solid demand of local customers and the recovery in international travel,” the company said. “Asia (including China) saw a lower level of growth over the first nine months of 2022, though growth in the latest quarter accelerated there due to the partial easing of health restrictions.”
The bullish report helped US-listed shares of LVMH ( OTCPK:LVMUY ) tick higher on Tuesday by about 1.67% . Luxury-focused retailers Canada Goose ( NYSE: GOOS ) +1.5% , Tapestry ( NYSE: TPR ) +0.82% , Movado Group ( NYSE: MOV ) +2.2% were among luxury retail movers. Constellation Brands ( STZ ) +1.66% , Diageo ( DEO ) +1.46% , and Brown Forman ( BF.B ) +0.46% , competitors of LVMH’s alcohol segment, also marked gains on the day.
Read more on Wedbush’s recent upgrade of Constellation Brands .
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Luxury retailers rise after strong report from LVMH