French luxury fashion houseLVMH-Moet Hennessy Louis Vuitton (OTC:LVMHF)(OTC:LVMUY) reported a 2% decline in first-quarter FY24 revenue to €20.7 billion. Organic revenue growth was 3%.
The Wines & Spirits business group saw a revenue decline of 16%(down 12% organic) in the first quarter of 2024.
The Fashion & Leather Goods business group achieved organic revenue growth of 2%, and the Perfumes & Cosmeticsbusiness group recorded a 7% organic growth.
Selective Retailing organic revenue growth was 11%, with Sephora gaining market share. Growth in North America, Europe and the Middle East remained strong.
Europe and the U.S. achieved growth on a constant currency and consolidation scope basis in the quarter.
Japan recorded double-digit revenue growth. Rest of Asia reflected the strong growth in spending by Chinese customers in Europe and Japan.
Price Action: LVMHF shares closed higher by 1.58% at $855.05 on Tuesday.
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