PARIS, April 11 (Reuters) - LVMH’s shares hit record highs on Thursday, after the Louis Vuitton owner posted strong first quarter sales which set a high bar for rival luxury companies also chasing Chinese demand for high-end handbags and clothing.
LVMH said late on Wednesday that revenues rose 16 percent to 12.5 billion euros ($14.10 billion), up 11 percent on a like-for-like basis, which strips out currency swings and the impact of acquisitions or disposals, and beating analyst forecasts.
LVMH’s shares were up 3.3 percent in early session trading, touching record highs and lifting the shares of peers such as Gucci-owner Kering and Hermes.
SocGen raised its rating on LVMH to “buy” from “hold”.
“We expect growth to continue to slow down in the sector in the first quarter, but LVMH is accelerating from the fourth quarter and should stand above the peer average this year, unlike in 2018,” SocGen wrote in a note.
$1 = 0.8868 euros Reporting by Sudip Kar-Gupta; Editing by Sarah White