DFS benefits from tourism growth in Asia

Luxury group LVMH Moët Hennessy–Louis Vuitton has recorded revenue increase of 17% to €5.2bn ($7.4bn) in the first quarter of 2011 compared with the same period in 2010, boosted by a 14% organic growth in revenue. The company said it had an “excellent start” to the year, with the US, Europe and Asia enjoying strong momentum. “After the earthquake in Japan, the group’s local teams worked hard to effect a gradual return to normal business,” it added in a statement.

All business groups recorded double-digit growth in organic revenue in the quarter. The Selective Retailing division, which includes duty-free operator DFS Group, reported a 20% rise in revenue and organic revenue growth of 17% in the period. “DFS reaped the rewards of its quality strategy and benefited from the rise of tourism in Asia,” the company said. “The renovation and expansion program for the Macau, Hawaii and Singapore Gallerias continued.”

LVMH added that it will continue to focus its efforts on developing its brands, maintaining a “strict control” over costs and investing on “the quality, the excellence and the innovation of its products and their distribution”.

Source = dfnionline