French luxury goods giant LVMH Moet Hennessy Louis Vuitton (LVMUY.PK, LVMHF.PK) reported Monday a six percent increase in revenues for the first quarter of fiscal 2013, helped by organic revenue growth across all its five operating segments. However, sales were negatively impacted due to the strength of other currencies against the euro.
The Paris-based owner of Louis Vuitton, Givenchy and Guerlain brands, reported that revenues for the first quarter increased 6 percent to 6.95 billion euros or $9.06 billion, from 6.58 billion euros in the same quarter last year. Organic revenue growth, excluding currency fluctuations and acquisitions, was 7 percent.
The sales growth was aided by strong growth in Asia and the U.S., while Europe demonstrated good resistance despite a challenging economic environment.
Revenues for wines & spirits grew 6 percent, or 7 percent organically, to 979 million euros, and fashion & leather goods revenues totaled 2.38 billion euros, up 0.4 percent, or 3 percent organically, from last year.
Perfumes & cosmetics revenues increased 4 percent, or 5 percent organically, to 932 million euros, and watches & jewelry revenues were 624 million euros, down 1 percent, but up 2 percent organically, from the year-ago quarter.
Selective retailing revenues, including Sephora and DFS duty-free stores, advanced 16 percent, or 17 percent organically, from the prior-year quarter.
Looking ahead, the company said in a statement, "In an economic environment which remains uncertain in Europe, LVMH will continue to focus its efforts on developing its brands, will maintain a strict control over costs and will target its investments on the quality, the excellence and the innovation of its products and their distribution."
Earlier in the month, LVMH announced the second edition of its "Journées Particulières" event on June 15 and 16. The event, which took place first in 2011, will provide the public an opportunity to understand the company's new products after a two year break.
The company revealed that this year's event will be bigger and will feature more companies and exceptional sites. More than 30 companies are expected to take part in the event.
The open house will take place all over Europe with most of the sites being in France. Those participating in the event this time include watchmakers such as Tag Heuer, Hublot and Zenith in Switzerland as well as Spanish winery Numanthia and Italian perfume Acqua di Parma.
The company said it will hold a special day of open houses for its employees on June 14, before the sites are opened to the public.
The stock closed Monday's regular trading session in Paris at 131.25 euros, up 0.40 euros or 0.31% on a volume of 0.60 million shares.
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