LVMH Word Hennessy Vuitton: doing better than expected in the third quarter, ignoring Hong Kong unrest

Sales of the world's number one, owner of 70 brands including Louis Vuitton, Dior, Bulgari and Sephora, reached 13.3 billion euros from July to September, an increase of 17%.
Excluding foreign exchange and like-for-like effects, sales growth was 11%. Analysts expected average growth of close to 9% in sales on a like-for-like basis.
The situation in Hong Kong, where every week or almost every event hostile to the Chinese central government takes place, did not have the dreaded effect on LVMH's sales, as evidenced by the figures displayed by Christian Dior or Veuve Cliquot brands. .
"The United States and Europe are enjoying good progress over the quarter as well as Asia despite a difficult environment in Hong Kong," the group said in a statement accompanying its figures.
In the selective distribution segment, which includes its DFS duty free company, sales were slower in the third quarter than in other divisions. In particular, the closures of stores at the Hong Kong airport in mid-August.
LVMH, which traditionally kicks off the season of results of the sector, has for several years displayed some of the most outstanding performances in a sector that benefits to varying degrees from the popularity of the Chinese population for luxury.
The strong sales of its flagship brand Louis Vuitton should be reflected in those of other major players in the sector, starting with Gucci, owned by Kering.

(Sarah White, Nicolas Delame for French service, edited by Jean-Michel Belot)