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LVMH shares rise after fashion group reports solid fourth-quarter results

LVMH shares rise after fashion group reports solid fourth-quarter results

FILE PHOTO: A Louis Vuitton logo is seen outside a store on the Champs-Elysees in Paris, France, September 18, 2020. REUTERS/Charles Platiau

PARIS: LVMH's shares rose on Wednesday (Jan 27) after the French luxury goods group reported resilient fourth-quarter results.

LVMH shares were up 1.3 per cent in early session trading, among the top performers on France's benchmark CAC-40 equity index, and also lifting the stock price of its French rival Kering, whose shares rose 1 per cent.

LVMH's fashion and leather goods business, home to Vuitton handbags and other brands such as Christian Dior, performed better than analysts expected in the fourth quarter, with sales rising 18per cent year-on-year on a comparable basis.

"As expected, the group focused on the best options possible and managed to overdeliver significantly," wrote brokerage Jefferies, which kept a "buy" rating on LVMH shares.

Source: Reuters

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