Luxury goods are having a good year so far. LVMH, the world’s biggest luxury goods group, who owns Louis Vuitton, just hit a record high on Tuesday.
The French company just beat analysts forecasts for first quarter sales and investors were eating up the news.
LVMH soared as much as 2.9% in intra-day trading to a record high of 213.50 euros, or $225.90.
The company also reported a 15 percent year-on-year increase in first quarter sales after the stock market had closed on Monday, beating the consensus market forecast.
LVMH’s quarterly sales rose 15 percent to 9.88 billion euros ($10.5 billion) while analysts had predicted 9.5 billion euros, according to the median of 17 estimates.
According to data compiled by Bloomberg, this beat in estimates was the biggest in six years.
“What was truly impressive though is that all divisions were up double-digit, which was last seen in Q1, 2011,” Deutsche Bank analysts said in a note, keeping a “buy” rating on LVMH shares.
“As the sector bellwether, LVMH’s beat should support the luxury space,” wrote Rogerio Fujimori, an analyst at RBC Europe.
LVMH shares are up around 17 percent so far this year.