The headline: LVMH Moët Hennessy Louis Vuitton, the world’s leading luxury product group, announced consolidated sales in the first quarter of 2003 of €2,803 million (US$3,018 million).
Organic growth (based on a like for like structure and at constant exchange rates), rose +6%. The company said: “This good organic growth enables an increase in operating income exceeding our expectations at the beginning of the year, propelled in particular by the exceptional success of Louis Vuitton, which reported a double digit increase in volume during the first three months of the year.”
Commenting on its Selective Retailing division which embraces DFS Group and Sephora, LVMH said: “DFS implemented a series of measures aiming to adapt its cost structure to the weakness of the global tourism market. Sephora continues with the positive momentum seen last year, with in particular double digit comparable store sales growth in United States.”
At current exchange rates, Selective Retailing sales dropped -4.5% from €780 million (US$839 million) for the first quarter in 2002 to €745 million (US$802 million) this year.
Champagnes & Wines registered organic growth for the first quarter of 2003 on top of an increase of more than + 30% in the same period in 2002. Cognac volumes increased in the first quarter with a particularly good performance in the US.
LVMH continued: “Louis Vuitton continued to win market share over the first quarter. The brand had exceptional results particularly when compared with its competitors. The new products created by Marc Jacobs were hugely successful and have waiting lists around the world as does the new Tambour watch. In March, Louis Vuitton inaugurated its first shop in New Delhi, India.
“Within Perfumes & Cosmetics, Christian Dior continues to grow with the huge success of the launch of the new range of skincare products, Capture R60/80. Organic growth of Perfumes & Cosmetics was +6% for the quarter which is a very good performance.”
