PARIS (dpa-AFX) - Luxury brand company LVMH (LVMUY.PK) on Tuesday reported a decline in its revenue for the first-quarter, reflecting a slowdown in sales of high-end products, such as champagne and jewelry.
On a reported basis, sales declined by 2 percent, to 20.69 billion euros compared to last year's 21.03 billion euros, primarily due to a decline in demand for wines, spirits, watches and jewelry.
However, on an organic basis, revenue rose by 3 percent, fueled by the company's 'innovative momentum and selective distribution strategy' to push demand for perfumes, cosmetics, and selective retailing.
Region-wise, LVMH said that sales grew year-on-year in Japan, Europe and the United States but decreased in Asia.
Looking ahead, the parent company of Louis Vuitton, Tiffany & Co., and Bulgari expects to remain vigilant and confident amid unstable geopolitical and economic situations. The company said that it would continue to focus on the development of brands with appropriate investment and innovation strategies.
Currently, LVMH's stock is trading at $170.70, up 2.13 percent on the Other OTC.
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