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Figures For LVMH
The France-based company reported that total organic sales rose 6 percent in the third quarter. Asia (excluding Japan) was highlighted as showing a "significant improvement" in the quarter, while the United States and Europe (except France) remain "well positioned."
Revenue rose 4 percent to 26.3 billion euros for the first nine months of 2016, while organic revenue rose 5 percent during the same period. Perfume and cosmetics sales were the strongest and grew 6 percent on a reported basis, and organic sales grew 8 percent.
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The fashion and leather goods segment also saw an acceleration in the third quarter.
"The strong performance of the fashion and leather goods division and commentary about improvement in Asia should be taken positively for the soft luxury industry as a whole," Bloomberg quoted Zuzanna Pusz, an analyst at Berenberg, as saying in a research note.
Performance And Peers
Shares of LVMH's European-listed stock (EPA: MC) gained more than 5 percent and traded as high as 166 euros, its highest level since the November 13 terrorist attack in Paris. ADRs (trading (OTC: LVMUY)) closed Monday's session at $36.05.
American luxury good names also saw a slight boost to their stock early Tuesday morning. Shares of Kate Spade & Co (NYSE: KATE) gained 1.26 percent and Coach Inc (NYSE: COH) gained 0.42 percent.
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New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.