By Mauro Orru

 

LVMH Moet Hennessy Louis Vuitton posted sales above analysts' forecasts for 2023, led by strong growth at its core fashion and leather-goods division, and said it had entered the new year with confidence.

The owner of the Louis Vuitton, Dior and Celine brands on Thursday reported sales of 86.15 billion euros ($93.79 billion) for 2023, up 13% on an organic basis from the previous year.

LVMH's fashion and leather-goods division contributed EUR42.17 billion to total revenue, with sales up 14% organically.

Selective retailing, the unit that houses Sephora, posted a 25% increase in revenue to EUR17.89 billion, while watches and jewelry and perfumes and cosmetics fared less well, with sales up 7% and 11% respectively. Wines and spirits is the only business unit that recorded lower sales, with a 4% contraction.

Net profit climbed to EUR15.17 billion from EUR14.08 billion in 2022, and the company said it would propose a dividend of EUR13 a share at its shareholders' meeting on April 18, up from EUR12 a share it paid the previous year.

Analysts had forecast annual sales of EUR85.74 billion and a EUR15.68 billion profit, according to FactSet.

 

Write to Mauro Orru at mauro.orru@wsj.com

 

(END) Dow Jones Newswires

January 25, 2024 12:25 ET (17:25 GMT)

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