Source Pravda.Ru

LVMH posts rise in sales

LVMH reported a 12 percent rise in comparable first-quarter sales and said it expected higher 2008 earnings.

Louis Vuitton S.A. is a French holding company and one of the world's largest luxury goods conglomerates. It is the parent of around 60 sub-companies that each manage a small number of prestigious brands. These daughter companies are, to a large extent, run autonomously.

France's Louis Vuitton Moet Hennessy, whose operations range from handbags to fine wines and perfumes, generated revenues of 4.002 billion euros ($6.34 billion) in the three months to March 31, up from 3.804 billion euros in the year-ago period.

On a reported basis, sales rose 5 percent during the period.

Revenues from watches and jewellery rose 12 percent but sales of wines and spirits fell 7 percent on a reported basis.

"Thanks to the strength and creativity of its brands and its expansion into new markets, LVMH will continue its growth in 2008 despite the challenging monetary environment and an uncertain economic climate at the beginning of this year," it said in a statement.

Perfume and cosmetics revenues increased 8 percent during the period, helped by the success of fragrances such as J'Adore and Midnight Poison.

Fashion and leather goods, which include Louis Vuitton bags and accessories, rose 7 percent thanks to new products and robust growth across the group's main markets.