© Reuters. Louis Vuitton logo outside a store in Paris
PARIS (Reuters) – LVMH shares rose on Wednesday after the French luxury goods group reported strong fourth-quarter results. LVMH shares rose 1.3% in early trading of the session, among the best performers on France’s benchmark stock index CAC-40, and the share price of French rival Kering ( PA :), whose shares were up 1%. LVMH’s fashion and leather goods business, which houses handbags from Vuitton and other brands like Christian Dior, performed better than analysts expected in the fourth quarter, with sales increasing 18% year-on-year over a comparable basis. “As expected, the group focused on the best possible options and managed to significantly overdeliver,” wrote brokerage Jefferies (NYSE :), which maintained a “buy” rating on LVMH shares.
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