THE Glenmorangie Company has seen a rise in first quarter volumes as the wines and spirits arm of luxury goods business LVMH reported "stagnant organic revenue" for the period, writes Scott Wright.
LVMH, which acquired the distiller for £300 million in 2004, booked first quarter sales of Euros 992m, up 12 per cent on the Euros 888m reported for the corresponding period last year.
But organic sales dipped by one per cent once the effect of exchange rates were stripped out.
LVMH attributed the sluggish performance to the "continued destocking by distributors in China".
Despite its challenges in China, LVMH said Hennessy Cognac increased volumes on the back of the strong US market, while Glenmorangie and Belvedere vodka both continued to grow.
The French company said its Champagne division had also had a strong start to the year with "solid volume growth".
LVMH, whose luxury brands includes Louis Vuitton, Christian Dior and TAG Heuer, reported a three per cent increase in organic revenue across the group to Euros 8.32bn for the first quarter.
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