LVMH stocks hit record high after upbeat quarterly results
Like-for-like sales rose by 30% year-on-year in the three months to March
Stocks impacted: LVMH (MC)
The world's biggest luxury goods company posted strong sales figures that sent the company’s stocks to record highs on Wednesday. Its like-for-like sales rose by 30% year-on-year in the three months to March to $16.75 billion. Sales increased 37% over 2019 and 52% over last year. Sales in Asia, excluding Japan, were up 86% from year-ago levels. LVMH also posted first-quarter revenues that even exceeded 2019 levels. Organic revenue grew 8% compared to the first quarter of 2019. In 2020, the firm’s business saw revenue tumble 17%, while profits fell 28%. As a reminder, in January, LVMH completed its $16-billion takeover of US jewelry brand Tiffany & Co. after a legal battle. Following the report, LVMH stocks rose to record highs, finishing 2.71% higher on Tuesday.
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