Subtitles generated by robot
they called a press release yesterday a good start of the year you could say that's an understatement because they really smashed expectations they were already quite high with their first quarter numbers with like for like sales up 30 to 14 billion euros almost twice the average forecast that's interesting of course they also gave the the number for the first quarter of 2019 kind of gave a point of comparison was stripping out of the pandemic effect and even there they said that the sales were up eight percent compared to the first quarter of 2019 as after several quarters of
sales decline of course because of the pandemic looking at regions or still asia this all the appetite from the chinese consumer they're still very important of course asia organics has up 86 in the us as well the sales of 23 both these regions were already positive for vmh in the fourth quarter and this momentum is still continuing there for lvmh europe's still negative though that nine percent of course in part of lockdowns a lot of european countries still having a lot of restrictions in the first quarter of the year the lack of tourism but the cfo talking the call last night told that there's
actually some a surge of demand from local consumers there which of course not enough to have said the lack of tourism but that's good news on that front looking at division as you mentioned the fashion and leather division of lv measure makes about half of the revenue of the group there a very good growth there with organic sales up 52 again the expectation was something closer to 30 percent so that really smashed the expectations there again compared to the first quarter of 2019 that's up 37 but other divisions did well as well wine and spirits up 36 percent
perfumer cosmetics of 18 and watches and jewelry uh organic sales 35 but when the overall number when you add the tiffany's impact up 138 you'll remember that the merger was completed in january the absorption of lvmh of the tiffany's into the lvmh the cfo again commenting last night that sales at tiffany's were up between eight and nine percent in q1 uh us about potential m a opportunities in the future the cfo said that all the focus of the group now is to integrate lvms that the overall of the
group will take several years but here again we see this very positive reaction uh of on the market on these results avmh up almost three percent of the market as you say almost at all time hard across the line is the largest um market cap on the cacharon that across the 300 billion euros market cap this morning up almost 20 percent just for 2021.
Watch, read, educate! © 2021