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LVMH, the world's largest luxury goods group, reported a 1% rise in third-quarter sales, surpassing forecasts. The increase was driven by improved demand in China, despite a 2% decline in sales for its fashion and leather goods division, which includes Louis Vuitton and Dior. Total sales reached 18.28 billion euros ($21.17 billion) for the period, beating expectations of flat sales. The company noted significant improvement in trends across Asia, excluding Japan.
PARIS, Oct 14 (Reuters) - France’s LVMH (LVMH.PA) , the world’s largest luxury goods group, reported a 1% rise in third-quarter sales on Tuesday, helped by improved demand in China as the industry grapples with a prolonged slump.
Sales at the fashion and leather goods division, home to flagship brands Louis Vuitton and Dior and accounting for over two thirds of profits, were down 2% versus a year earlier.
The quarterly trading update beat a Visible Alpha consensus cited by HSBC that had seen flat overall sales and a 4% decline for the fashion and leather division.
Trends in Asia excluding Japan - a market dominated by China - improved “significantly” nine months into the business year, LVMH said in a statement.
Total sales at the conglomerate controlled by French billionaire Bernard Arnault, which also owns brands such as jeweller Tiffany, Moet & Chandon champagne and beauty retailer Sephora, rose 1% to 18.28 billion euros ($21.17 billion) in the July to September period. ($1 = 0.8634 euros)
