Vuitton owner LVMH shrugs off Hong Kong hit with third quarter sales beat

FILE PHOTO: Louis Vuitton handbags are displayed as an employee works in a Vuitton new high-end garment factory in Beaulieu-sur-Layon, near Angers, France, September 5, 2019. REUTERS/Stephane Mahe - Copyright Stephane Mahe(Reuters)

By Reuters

Published on 09/10/2019 - 18:34•Updated 18/04/2024 - 16:33

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PARIS (Reuters) - Louis Vuitton owner LVMH <LVMH.PA> on Wednesday reported higher-than-expected revenue growth for the third quarter, in spite of months of unrest in Hong Kong that have put off tourists and forced luxury goods labels to shut stores.

The French group - which owns fashion brands like Christian Dior as well as champagne labels like Veuve Cliquot - said sales were up 17% to 13.3 billion euros in the July to September period. They rose 11% on a comparable basis, stripping out currency swings and acquisitions.

Analysts had expected LVMH to post comparable sales growth of closer to 9%, even as it made up for lost sales in Hong Kong with strong sales in mainland China and other markets.

(Reporting by Sarah White)

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