(Yves Carcelle, LVMH Chairman & CEO)
While the dollar flounders, house values plummet and folks from the very top are no longer only whispering rumors of a US recession... Louis Vuitton again posts huge gains in first quarter sales.
LVMH reported 5.3% gain first quarter. They saw growth in every catagory but wines and spirits (folks must be resorting to cheap liquor to drink away their economic woes). Watches & Jewelry rose 11.6% with $332.9 million in revenue.
But, my personal favorite- the fashion and leather goods group reported the highest revenue. With all the price increases we've seen in the last year, I am not suprised. Fashion and leather goods rose 7.1% to $2.3 billion.
Interesting quote:
"But it's not as if the economy hasn't affected LVMH altogether. If the euro wasn't so strong compared with other currencies -- particularly the dollar -- revenue would be much higher. There's little doubt the brands have lost some aspirational customers -- those who buy small items like Louis Vuitton keychains, or J'Adore Dior perfume. The company plans to combat this by continuing to expanding in emerging markets, particularly China and Russia."
Read the article from Forbes...
From FoxBusiness...
From Marketwatch...
From Bloomberg...
From Reuters...
