July 28 (Reuters) – Shares in LVMH rose 2% on Tuesday, after the French luxury giant reported overnight second-quarter sales growth broadly in line with analysts’ expectations.
Sales at the owner of Louis Vuitton, Dior and Moet & Chandon champagne rose 3% when adjusted for currency swings to €19.5 billion ($22.2 billion), broadly in line with analysts’ consensus estimate, according to Visible Alpha.
The results were an important test of whether the $400-billion luxury sector is decisively emerging from a two-year downturn. Shares in LVMH peers Kering, Hermes and L’Oreal were up between 2% and 3% in early Tuesday trading.
Shares in French spirits makers Remy Cointreau and Pernod Ricard were up 1.8% and 3.5%, respectively.
($1 = 0.8798 euros)
(Reporting by Alessandro Parodi in Gdansk, editing by Milla Nissi-Prussak)
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