PARIS - LVMH, the conglomerate behind luxury brands like Louis Vuitton, on Wednesday posted better-than-expected first quarter sales growth, setting a high bar for industry peers all trying to capitalise on Chinese demand for top-end, branded goods.
The group posted revenue of 12.5 billion euros ($14.08 billion) in the period, up 16 percent as reported and rising 11 on a like-for-like basis, which strips out currency swings and the impact of acquisitions or disposals.
That beat forecasts of 8.2 percent like-for-like in a poll of analysts by Infront Data for Reuters.
The company did not break out its performance by region, with more details due on Thursday in a presentation to investors. But it had previously flagged enduring demand in China, a key market for luxury brands now trying to increasingly court Chinese consumers on their home turf.
($1 = 0.8878 euros)
(Reporting by Sarah White and Pascale Denis, Editing by Dominique Vidalon) ((sarah.white1@thomsonreuters.com; + 33 (0) 1 49 49 56 85;))
