LVMH shares open up after quarterly results
XLY•LVMH sales growth meets expectations
Shares in LVMH rose 2% on Tuesday, after the French luxury giant reported overnight second-quarter sales growth broadly in line with analysts' expectations.
Sales at the owner of Louis Vuitton, Dior and Moet & Chandon champagne rose 3% when adjusted for currency swings to €19.5 billion ($22.2 billion), broadly in line with analysts' consensus estimate, according to Visible Alpha.
Luxury peers and spirits makers also rise
The results were an important test of whether the $400-billion luxury sector is decisively emerging from a two-year downturn. Shares in LVMH peers Kering, Hermes and L'Oreal were up between 2% and 3% in early Tuesday trading.
Shares in French spirits makers Remy Cointreau and Pernod Ricard were up 1.8% and 3.5%, respectively.
