全球奢侈品巨头LVMH集团公布第一季度业绩，总营收录得191.2亿欧元，略低于Visible Alpha共识预期的194.9亿欧元。细分业务表现呈现分化：核心的时装与皮具部门销售额为92.5亿欧元，较去年同期有机下降2%，未达市场预期的94.6亿欧元；香水和化妆品业务收入20.4亿欧元，低于21亿欧元的预期值；腕表珠宝部门实现24.4亿欧元销售额，与24.6亿欧元的市场预期基本持平。
值得关注的是，葡萄酒与烈酒板块逆势增长，首季营收达12.7亿欧元，超出12.3亿欧元的市场共识。精选零售业务则录得40.5亿欧元收入，较41.9亿欧元的预期值有所回落。
地缘政治因素对业绩产生明显影响。集团披露中东冲突导致第一季度有机增长率被削弱约1%，同时欧洲地区的旅游消费也因该地区局势受到牵连。不过美国市场需求展现出韧性，在复杂国际环境下仍保持稳定。中国市场表现持续回暖，春节期间销售势头尤为强劲。
尽管部分业务面临挑战，LVMH通过多元化业务布局与全球市场动态平衡，展现出奢侈品龙头企业的抗风险能力。投资者将密切关注后续季度中各区域市场的消费趋势变化。
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