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April 14, 2021, 3:18 a.m. EDT

LVMH posts consensus-beating first-quarter sales

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By Joshua Kirby

LVMH Moet Hennessy Louis Vuitton SE released its first-quarter sales results late Tuesday. Here's what we watched:

Sales: The French luxury-goods titan booked quarterly sales of 13.96 billion euros ($16.63 billion), up 30% on the year at constant currencies. This was well above FactSet-compiled consensus expectations of EUR12.58 billion and represents an 8% organic rise on the first quarter of 2019.

WHAT WE WATCHED:

-TIFFANY: In the first period for which the U.S. jeweler was integrated, LVMH's hard-luxury division posted record organic revenue growth of 35%. "Tiffany saw an excellent start to the year," the company said.

-CORE FASHION: The fashion & leather goods division, home to sector-leading brands Louis Vuitton and Dior, posted the strongest growth at 52% organically on the year, and 37% up on the same period of 2019.

-OTHER SEGMENTS: All other divisions also posted positive organic growth compared with the same period of 2020, with the exception of selective retailing, which was down 5%. This segment was squeezed by pandemic-related store closures and the lack of tourism in Europe, LVMH said.

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