2023-04-12 14:23:00 ET
LVMH ( OTCPK:LVMHF ) stock rocketed to a new record on Wednesday after a report of strong revenue growth despite macroeconomic turbulence.
The report, coming in evening time in Paris, reflected a 17% jump in revenue from the prior year to €21B in revenue for the fiscal first quarter. Business segments including watches & jewelry, leather goods, and perfumes and cosmetics each saw double-digit growth. Selected retailing, meanwhile, saw a sharp 30% jump, driven by a “return of travelers to the flagship destinations of Hong Kong and Macao” as well as strength for Sephora in North America and Europe.
“LVMH had an excellent start to the year, within a geopolitical and economic environment which remains uncertain,” the company stated. “Europe and Japan, which enjoyed strong growth momentum, benefited from robust demand from local customers and international travelers; the United States, a market which continues to grow, had a steady performance. Asia experienced a significant rebound following the lifting of health restrictions.”
Shares of LVMH ( OTCPK:LVMUY ) rose over 4% shortly after the print to reach a new high of $960.
Read more on recent consumer surveys on cosmetics spending .
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LVMH stock touches record-high amid resilient luxury spending