Moët Hennessy Year-to-date sales slump on third quarter supply constraints

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Moët Hennessy, the wines & spirits division of French luxury goods maker Louis Vuitton Moët Hennessy (LVMH), said on Tuesday that revenue for the first nine months to the end of September grew 7% to €3.5bn, from €3.2bn in the previous year.

The company which makes high-end luxury goods such as perfumes & cosmetics, fashion & leather goods, watches & jewelry noted that despite a 7% growth in the wines & spirits business group, it trailed all other business categories that recorded double-digit growth.

LVMH blamed the single-digit performance in the wines and spirits category on a third quarter supply constraint.

Total LVMH group sales for the first nine months stood at €30.1bn, a 14% lift from the previous year. In the third quarter alone, the group recorded 14% growth in sales to €10.38bn ($12.18bn).

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Despite the wines & spirits constraints, the firm said that Champagne volumes grew 4%, with particular strong demand in Europe and Japan. Hennessy Cognac recorded 9% growth year-to-date.

Looking forward, the group said it will continue to be vigilant and pursue its strategy based on innovation and targeted geographic expansion in the most promising markets, adding that it will rely on the power of its brands and the talent of its teams to further extend its global leadership in the luxury market in 2017.

Read Also:  Greif Nigeria Plc Seeks Shareholders’ Consent to Delist from NSE

 

 

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SOURCE: http://beverageindustrynews.com.ng/index.php/2017/10/11/moet-hennessy-year-to-date-sales-slump-on-third-quarter-supply-constraints/

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