LVMH's numbers beat analyst expectations and represent an acceleration from the fourth quarter of 2022.
, rose 18 percent. Celine, Loewe, Loro Piana, Rimowa and Berluti also received shoutouts for “remarkable” performances.Alexandre Faraci/WWD
The company noted growth is “normalizing” in Europe versus 2022, while U.S. business was described as “good but softer.” “I’m not worried at all,” Guiony commented, noting that the “cognac business is cyclical in the U.S.” and dismissing suggestions that trendy tequila might be the culprit. “It will take three to four months to absorb the excess inventory.”
He apologized for not offering a deeper and more thorough explanation, demurring: “I’d rather have good business that I can’t explain than the other way around. We really enjoy these exceptional numbers, which are a great tribute to the quality of the business that our people are doing in Japan.” Meanwhile, duty-free operator DFS “benefited from the recovery of international travel, and in particular from the gradual return of travelers to the flagship destinations of Hong Kong and Macau.” Guiony suggested the retailer could return to breakeven after a difficult 2022 marred by widespread pandemic-related lockdowns.
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