LVMH Q1 sales beat forecast, sees spending rebound

LVMH (LVMH.PA), the world's biggest luxury group, posted a forecast-beating 13 percent rise in comparable sales for the first quarter, helped by a strong rebound in the U.S. and Europe.

The upbeat news from the Paris-based maker of Louis Vuitton handbags and Hennessy cognac, helped cement the view that discretionary spending was firmly on the mend after suffering its worst slump in two decades.

LVMH said its wines, spirits, watches and jewellery businesses, all hit hard by the downturn, had benefited from an improvement in consumer spending and demand from distributors replenishing their stocks.

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- Posted: 2010-04-13 10:05:37

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