LVMH shares jump 8% as earnings point to luxury sector resilience
LVMH shares jump 8% as earnings point to luxury sector resilience


Bernard Arnault, Chairman and CEO of LVMH Moet Hennessy Louis Vuitton, speaks throughout a press convention to current the 2023 annual outcomes of LVMH in Paris, France, January 25, 2024. 

Benoit Tessier | Reuters

LVMH shares jumped greater than 8% on Friday morning, after the world’s largest luxury group posted higher-than-expected gross sales for 2023 and raised its annual dividend.

The proprietor of Louis Vuitton, Moët & Chandon and Hennessy, as nicely as manufacturers together with Givenchy, Bulgari and Sephora, on Thursday night time reported gross sales amounting to 86.15 billion euros ($93.34 billion) for 2023, exceeding consensus forecasts and equating to 13% natural progress from the earlier yr.

Organic income was up 10% within the fourth quarter.

The end result was boosted specifically by 14% annual progress within the crucial vogue and leather-based items sector, together with 11% progress in perfumes and cosmetics. Wines and spirits in the meantime posted a 4% decline.

This is a breaking information story, and it’s being up to date.



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