(Adds analyst comment)
PARIS, April 14 (Reuters) - LVMH's shares rose to
record highs on Wednesday after the world's biggest luxury goods
company posted sales figures that showed it had bounced back far
more quickly than expected in early 2021.
LVMH shares were up by 2.7% in early session trading,
hitting new record levels, and also lifting up the shares of
rival luxury goods companies such as Kering and Hermes
.
Late on Tuesday, LVMH posted first-quarter revenues that
even exceeded 2019 levels, before the pandemic.
Its like-for-like sales, which strip out the effect of
currency changes and its acquisition of U.S. jeweller Tiffany,
rose by 30% year-on-year in the three months to March to 14
billion euros ($16.75 billion).
"LVMH noted that Q1 was a 'good start to the year', but to
us this is much better than 'good' and will once again stand as
an absolute outperformance vs the rest of the sector," wrote JP
Morgan in a research note.
LVMH shares are up by around 20% since the start of 2021.
($1 = 0.8360 euros)
(Reporting by Sarah White and Silvia Aloisi and ;
Editing by Sudip Kar-Gupta)
Burberry (BRBY)