Overview
- LVMH, which reported results Monday, posted first-quarter revenue of €19.1 billion, down 6% year over year, with sales up 1% on a comparable basis.
- Geography split the picture as Asia excluding Japan rose 7% organically and the United States grew 3%, while Europe slipped about 3% and the Middle East weakened after a strong start to the year.
- The company said the Middle East war cut about one percentage point from group growth and noted the region makes up roughly 6% of its sales, with March there down 3%.
- A stronger euro created a marked drag on reported figures, with LVMH citing a 7% negative currency effect compared with otherwise stable to slightly rising underlying demand.
- Performance diverged by division as fashion and leather goods fell to €9.2 billion, down 9% reported and 2% organic, while wines and spirits grew 5% organically to about €1.3 billion and selective retail rose 4% organically with Sephora showing solid gains.