LVMH’s first-quarter group revenue decreased by 3 per cent to €20.31 billion ($AUD36.29 billion) for the period ending 31 March.
With that said, sales at the watch and jewellery brands were positive, increasing by 1 per cent on a year-on-year comparison to €2.48 billion ($AUD4.43 billion). LVMH oversees the operations of more than 70 brands, including Tiffany & Co., Bulgari, Kering, and TAG Heuer.
LVMH's finance chief, Cecile Cabanis, said trade tensions were making it complicated to conduct business.
“We had great progress on the execution of the transformation plan of Tiffany with both the iconic range and the renovated stores, and it’s paying off,” Cabanis said.
“Bulgari is very much resilient and enjoyed quite a good Chinese New Year. We had quite a good response at Watches and Wonders. TAG Heuer is doing very well.”
Sales in Europe were strong; however, a decline in the US counteracted these gains. Revenue in Asia was comparable to previous reports.
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