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LVMH shares rise after luxury giant’s Q1 sales offer element of reassurance

by Staff GBAF Publications Ltd
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LVMH shares rise after luxury giant’s Q1 sales offer element of reassurance

PARIS (Reuters) – LVMH shares rose on Wednesday, after the first quarter sales figures from the world’s largest luxury group offered an element of reassurance to investors concerned about the industry’s outlook, particularly in China.

LVMH shares were up by around 2% in early session trading.

On Tuesday, LVMH reported that sales for the quarter ending in March rose 3% on an organic basis to 20.69 billion euros ($22 billion), matching analyst expectations.

“The market environment is challenging, especially in China, and LVMH was able to navigate it in line with expectations,” said Mario Ortelli, of luxury advisory firm Ortelli & Co.

($1 = 0.9414 euros)

 

(Reporting by Mimosa Spencer; Editing by Sudip Kar-Gupta)