LONDON (ShareCast) - (Sharecast News) - Shares in LVMH sparkled on Friday, after the world's biggest luxury goods firm posted stronger-than-expected sales and raised the dividend.
The owner of Moet Hennessy and Louis Vuitton reported a 13% jump in full-year revenues, to €86.2bn, boosted by a strong fourth quarter.

Organic revenues increased 10% in the last three months of the year, exceeding analyst expectations for growth of 9%.

Full-year profits from recurring operations rose 8% to €22.8bn. The dividend, meanwhile, was proposed at €13 per share, up from €12 a year previously.

As at 1030 GMT, shares in the Paris-listed firm were up 11%.

The group - a bellwether for the luxury goods sector - said there had been "strong" organic growth across all business segments.

The only exception was wine and spirits, which was hit by tough comparatives and high inventory levels. Revenues fell 4% on a constant currency basis to €6.6bn.

Fashion and leather goods sales surged 14%, however, to €42.2bn. Fashion and leather goods is LVMH's biggest unit, with brands such as Christian Dior, Fendi and Marc Jacobs.

In watches and jewellery - which includes Tiffany, Bulgari and TAG Heuer - sales rose 7% at €10.9bn.

Bernard Arnault, chief executive, said: "Our performance in 2023 illustrates the exceptional appeal of our maisons and their ability to spark desire, despite a year affected by economic and geopolitical challenges."

Looking to the current year, LVHM added that it remained "confident in its ability to grow", despite the macroeconomic backdrop.

LVMH also confirmed that Arnault's two sons - Alexandre and Frederic, aged 31 and 29 respectively - had been put forward as candidates for the board. The nominations will be voted on at the annual general meeting in April.

LVMH is controlled by the billionaire Arnault family.

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