LVMH sees spending rebound
LVMH, the world's biggest luxury group, posted better-than-expected comparable sales growth of 13 percent for the first-quarter, helped by a rebound in the United States and Europe.
The Paris-based group behind Louis Vuitton handbags and Hennessy cognac, generated revenue of 4.472 billion euros (3.95 billion) in the three months to March 31.
It said on Tuesday that its wines, spirits, watches and jewellery businesses, all hit hard by the spending slump, benefited from an improvement in consumer demand as well as an increase in orders from distributors rebuilding their stocks.
"The group continues to perform well in Asia and has seen a strong rebound in the United States and Europe," LVMH said in a statement.