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Luxury goods group LVMH’s sales jumped 9 percent to $24.65 billion in the fourth quarter as shoppers in Europe and the US splurged over the holiday season, partly offsetting COVID disruptions in China.
Analysts were only expecting a 7 percent growth, based on a consensus cited by UBS.
That marked a deceleration from the 20 percent growth recorded in the first nine months of the year, due to the hit in China from lockdowns.
LVMH’s finance chief, Jean-Jacques Guiony, noted that China was sharply down in the fourth quarter with the pandemic spreading “like wildfire” after Beijing authorities relaxed travel curbs in December.
LVMH, a conglomerate spanning spirits, jewelry, cosmetics, and fashion said that in 2022 its star designer label Louis Vuitton surpassed $21.7 billion in sales for the first time. The amount represents around a quarter of total group revenues for the year, and double its sales in 2018.
Since 2019, LVMH has increased its market share year, according to its CEO and richest man in the world, Bernard Arnault. He added that 2023 will have "another very good year" if the current patterns from the beginning of the year persisted.
The proposed dividend was increased from $10.9 per share to $13 per share.
LVMH's shares have reached new highs this month, giving it a market capitalization of $435.5 billion for the first time and solidifying its position as the most valuable company in Europe.
