LVMH Sees Accelerated Organic Sales Growth

LVMH reported 10 percent organic sales growth in the first quarter of the year with consolidated sales of 2,849 million Euros in the quarter. The watches & jewelry group reported sales 113 million euros, up from 97 million euros during the comparable quarter last year.

The sales growth achieved in the second half of 2003 accelerated in the beginning of this year, the company says. The group’s leading brands delivered strong sales increases, particularly in the US and Asia.

The strongest group was Watches & Jewelry both in reported and in organic growth, delivering organic sales growth during the quarter (+30 percent), confirming the rebound that began during the summer of 2003.

TAG Heuer and Zenith recorded double-digit sales growth compared to the same period in 2003. Chaumet and Montres Dior experienced sustained growth. The LVMH brands plans to showcase several innovations at Basel Watch Fair later this month.

“Within a more favorable economic and monetary environment, the tourism sector has witnessed a sustained recovery and both the US and Asian economies are in full expansion,” the company says.

The luxury retailer plans to pursue growth in 2004 by taking advantage of the strength of its brands, new product launches and penetration of new markets.