By LVMH’s shares rose on Wednesday after the French luxury goods group reported resilient fourth-quarter results.
LVMH shares were up 1.3% in early session trading, among the top performers on France’s benchmark CAC-40 equity index, and also lifting the stock price of its French rival Kering, whose shares rose 1%.
LVMH’s fashion and leather goods business, home to Vuitton handbags and other brands such as Christian Dior, performed better than analysts expected in the fourth quarter, with sales rising 18% year-on-year on a comparable basis.
“As expected, the group focused on the best options possible and managed to overdeliver significantly,” wrote brokerage Jefferies, which kept a “buy” rating on LVMH shares.
(Reporting by Sudip Kar-Gupta, editing by Louise Heavens)
Source: Reuters
