LVMH Shares Jump After Sales Results Bring Hope for Luxury Industry
By David Sachs
LVMH Moet Hennessy Louis Vuitton shares jumped in early trading Friday after the company reported higher-than-expected sales for 2023.
At 0817 GMT, shares in the luxury-goods giant were up 8% at EUR740.70.
The company, which owns Louis Vuitton, Dior and Celine, reported sales of 86.15 billion euros ($93.46 billion), up 13% on an organic basis from the previous year. Analysts had forecast annual sales of EUR85.74 billion, according to FactSet.
The company's results suggest year-end demand and profit margins were resilient, Citi analysts said in a research note, adding that they should quell investor concerns about the outlook for the luxury industry stemming from mixed results among smaller companies in recent weeks.
Write to David Sachs at david.sachs@wsj.com
(END) Dow Jones Newswires
January 26, 2024 03:37 ET (08:37 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.-
After Earnings, Is Alphabet Stock a Buy, a Sell, or Fairly Valued?
-
When Will the Fed Start Cutting Interest Rates?
-
What’s the Difference Between the CPI and PCE Indexes?
-
Powell Unfazed By Sticky Inflation, but Rate Cuts Are Far Off
-
After Earnings, Is Microsoft Stock a Buy, a Sell, or Fairly Valued?
-
Best- and Worst-Performing Stocks of April 2024
-
Magnificent 7 Stocks Earnings Updates: AI Remains the Focus
-
Small-Cap and Value Stocks Are Undervalued
-
4 Utility Stocks to Play the AI Data Center Boom
-
Albemarle Earnings: We Expect Improved Results In the Rest of Year Following Cyclically Low Profits
-
Novo Nordisk Earnings: Raised Fair Value Estimate Still a Contrast to Market Overenthusiasm
-
After Earnings, Is Verizon Stock a Buy, a Sell, or Fairly Valued?
-
Look Inside Berkshire Hathaway’s Portfolio Before Its Annual Meeting
-
How to Invest Like Warren Buffett
-
Cognizant Earnings: Improved Profitability Buttresses Results as Customer Spending Remains Muted
-
10 Top-Performing Dividend Stocks of the Month