LVMH reveals strong quarter

Luxury retailer LVMH saw an unexpected rise in revenue for the first quarter this year, up 4 percent on last year, with global sales hitting €8.2 billion for the last quarter.

Based in Paris, the company saw a 50 percent decline in sales at some of their stores in the wake of the terrorist attacks in the French capital in November. However, the company stated that, “Europe remains well oriented – except for France”.

Perfume sales were up 9 percent, boosted by Christian Dior, and the figures were driven by a strong US market.

LVMH owns more than 60 luxury brands, including Bulgari and Tag Heuer.

ASOS profit soars 18 percent, on track for full year

ASOS shares are up over 5 percent this morning after half-year profit soared 18 percent.

Growing competition has caused the market leader’s shares to drop over the past few months, but it most recent results, released today, have showed positivity. The company disclosed a pretax profit of £21.2 million in the six months to February 29, with international sales up 24 percent.

Chief Executive Nick Beighton commented: “I’m pleased to confirm that we are on track to achieve our previously stated sales and margin guidance for the full year.”

ASOS (LON:ASC) are currently trading up 4.70 percent at 3561 (0833GMT).

Tesco sells stake in Lazada to Alibaba

Struggling supermarket giant Tesco has started selling off its overseas assets, in an attempt to re-fuel the struggling British chain.

Tesco announced today that it had sold 8.6 percent of its stake in Lazarda to Chinese retail giant Alibaba for $129 million, retaining just an 8.3 percent holding in the company.

This move comes just 8 months after Tesco sold its South Korean business Homeplus, in an attempt to focus further on rejuvenating Tesco in the UK and competing in an increasingly tough market.

Tesco shares have fallen 0.67 percent on the news.

12/04/2016