LVMH sales up sharply

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Global luxury retailer LVMH said Monday its first quarter sales jumped 17 percent from a year earlier to 5.25 million euros on the back of strong growth in its Asian, US and European markets.

Analysts surveyed by Dow Jones Newswires had expected three months to March sales of 4.95 billion euros ($7.03 billion).

LVMH posted record 2010 sales of 20.3 billion euros and a profit of 3.03 billion euros as demand for its luxury line-up of Louis Vuitton, Givenchy, Moet and Chandon and Parfums Christian Dior delivered huge returns.

The company said Monday that the United States, Europe and Asia all showed a "strong growth dynamic," with demand for all its product lines still rebounding strongly after the sharp slump in 2009.

For 2011, the company said it would continue to focus on the strength of its brand names given the "economic and geopolitical environment," an apparent reference to popular unrest in the Middle East.

© 2011 AFP

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