LVMH shares rise after fashion group reports solid fourth-quarter results

FILE PHOTO: A Louis Vuitton logo is seen outside a store on the Champs-Elysees in Paris, France, September 18, 2020. REUTERS/Charles Platiau

PARIS (Reuters) – LVMH’s shares rose on Wednesday after the French luxury goods group reported resilient fourth-quarter results.

LVMH shares were up 1.3% in early session trading, among the top performers on France’s benchmark CAC-40 equity index, and also lifting the stock price of its French rival Kering, whose shares rose 1%.

LVMH’s fashion and leather goods business, home to Vuitton handbags and other brands such as Christian Dior, performed better than analysts expected in the fourth quarter, with sales rising 18% year-on-year on a comparable basis.

“As expected, the group focused on the best options possible and managed to overdeliver significantly,” wrote brokerage Jefferies, which kept a “buy” rating on LVMH shares.

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