In the first quarter of 2014, revenues of jewelry and watches division LVMH remained stable compared to the same period last year and amounted to $ 841 million (EUR 607 million). At the same time, sales in comparable stores showed an increase of 5% on a year-on-year basis.
The group, specializing in luxury goods, reported on good financial results, which showed its own jewelry stores. At the recently held Baselworld watch fair, LVMH presented numerous novelties from the brands TAG Heuer, Hublot and Zenith, which received positive feedback from distributors. In the reporting quarter, Bulgari brand celebrated its 130th anniversary by opening a renovated central store on Via dei Condotti in Rome, expanding the range of offered collections.
The aggregate income of the LVMH group in the 1st quarter increased by 4% year-on-year, to $ 9.9 billion (EUR 7.2 billion). The growth in sales in comparable stores without taking into account currency fluctuations was 6%.
The Group notes the continued growth in sales in the US and Asia and especially notable growth in Japan. According to LVMH, the European market has demonstrated resilience, despite the difficult economic situation.