LVMH kicked off the earnings season for the luxury goods sector by beating analyst consensus and recording €10.4bn of revenues in the third quarter of this year.
The world’s biggest luxury group by revenues said on Monday after market close that revenues grew 12 per cent year on year in the third quarter, to €10.4bn, after stripping out the impact of currencies and acquisitions. This growth continues the trend from earlier in the year and surpassed analyst estimates of €10.2bn.
All of the divisions experienced double digit growth with the exception of wines and spirits, which increased revenues 4 per cent in the third quarter as the business was held back by supply constraints.
Organic growth was led by perfume and cosmetics, which increased 17 per cent, while the watches and jewelery, and selective retailing divisions each grew revenues 14 per cent year-on-year on an organic basis. Fashion and leather goods increased revenues 13 per cent.
Overall during the first nine months of the year LVMH grew revenues 12 per cent to €30.1bn, stripping out the impact of currencies and acquisitions. On a reported basis, the strengthening euro drove a negative currency impact of 5 per cent while the acquisition of Christian Dior Couture, which was finalized in July, drove a positive impact of 7 per cent.
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