Moët & Chandon Parent LVMH Posts Solid Q1 Sales
LVMH's shares hit record highs on Thursday, after the Moët & Chandon owner posted strong first quarter sales which set a high bar for rival luxury companies.
LVMH said late on Wednesday that revenues rose 16% to €12.5 billion, up 11% on a like-for-like basis, which strips out currency swings and the impact of acquisitions or disposals, and beating analyst forecasts.
Revenues in its Wines & Spirits arm were up 9% in organic terms to €1.349 billion.
Shares in the Hennessy owner were up 3.3% in early session trading, touching record highs.
SocGen raised its rating on LVMH to "buy" from "hold".
"We expect growth to continue to slow down in the sector in the first quarter, but LVMH is accelerating from the fourth quarter and should stand above the peer average this year, unlike in 2018," SocGen wrote in a note.