French luxury fashion house LVMH-Moet Hennessy Louis Vuitton (OTC:LVMHF) (OTC:LVMUY) reported a 2% decline in first-quarter FY24 revenue to €20.7 billion. Organic revenue growth was 3%.

The Wines & Spirits business group saw a revenue decline of 16% (down 12% organic) in the first quarter of 2024.

The Fashion & Leather Goods business group achieved organic revenue growth of 2%, and the Perfumes & Cosmetics business group recorded a 7% organic growth.

Selective Retailing organic revenue growth was 11%, with Sephora gaining market share. Growth in North America, Europe and the Middle East remained strong.

Europe and the U.S. achieved growth on a constant currency and consolidation scope basis in the quarter.

Japan recorded double-digit revenue growth. Rest of Asia reflected the strong growth in spending by Chinese customers in Europe and Japan.

Price Action: LVMHF shares closed higher by 1.58% at $855.05 on Tuesday.

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