Shares of LVMH (MIL: LVMH) soared more than 7% on Friday after the luxury fashion retailer reported that the overall comparable sales topped analysts’ average forecast for the third quarter.
Sales fell 7% but topped the market’s forecast for a 12% fall. Revenue was reported just under €12 billion ($14 billion). Still, revenue for the first nine months of this year as is still 21% down.
“The update confirms our impression of a strong summer for luxury goods. China turned positive in the third quarter at Vuitton,” Bernstein analyst Luca Solca said in a note.
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The world’s largest fashion luxury group, which owns brands such as Louis Vuitton, Christian Dior, Celine and Fendi, was supported by a 12% jump in sales recorded in its fashion and handbag division.
However, the positive performance of this division was offset by setbacks in the retailing division (sales down 29%), perfume and cosmetics (down 16%), and watches and jewellery (down 14%).
LVMH share price gained over 7% to print €432.00, the highest the stock traded since January this year.
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