LVMH集团2025年一季度营收不及预期，考虑涨价应对美国关税

LVMH Group’s Q1 2025 Revenue Falls Short of Expectations, Plans Price Hikes to Counter U.S.

【环球网财经综合报道】当地时间周一，法国LVMH集团公布了2025年第一季度财报，公司总营业收入为203.11亿欧元，低于分析师预期的211.4亿欧元。

[Comprehensive Report by Huanqiu Finance] On Monday local time, France’s LVMH Group released its Q1 2025 financial report. The company’s total operating revenue stood at €20.311 billion, below analysts’ expectations of €21.14 billion.

一季度，LVMH有机营收下降了3%，而去年同期有机营收增长了1%。这一转变未能达到分析师预期的1.1%增长。

In Q1, LVMH’s organic revenue dropped by 3%, compared with a 1% rise in the same period last year. This change fell short of the 1.1% growth anticipated by analysts.

在财报公布后的业绩电话会上，LVMH管理层表示，集团正在考虑涨价以应对美国可能实施的关税。同时，集团正设法控制管理及行政费用（G&A），并拥有调整市场营销成本的空间。对于美将暂缓90天实行部分关税的决定，LVMH集团表示感到茫然。

During the earnings call following the release of the financial report, LVMH’s management stated that the group is considering price hikes to counter potential U.S. tariffs. Meanwhile, the group is working to control general and administrative (G&A) expenses and has room to adjust marketing costs. LVMH expressed bewilderment at the U.S. decision to delay the implementation of some tariffs by 90 days.

从业务板块来看，一季度LVMH的核心业务——时装与皮具业务超预期下滑，降幅为去年的五倍，远超分析师预期。去年增长最高的第二大业务精品零售也转为微降。

From a business segment perspective, LVMH’s core business—fashion and leather goods—saw a steeper-than-expected decline in Q1, with the drop five times that of last year and well beyond analysts’ forecasts. Boutique retail, the group’s second-largest business that posted the highest growth last year, also slipped into a slight decline.

具体业务数据如下：时装和皮具业务营收101.08亿欧元；精品零售业务收入41.89亿欧元；手表和珠宝业务收入24.82亿欧元；香水与化妆品收入21.78亿欧元；红酒与烈酒业务收入13.05亿欧元。

Breakdown of the specific business figures is as follows: revenue from fashion and leather goods reached €10.108 billion; boutique retail brought in €4.189 billion; watches and jewelry generated €2.482 billion; perfumes and cosmetics raked in €2.178 billion; and wine and spirits recorded €1.305 billion in revenue.

从市场区域来看，一季度LVMH在欧洲市场的收入保持正增长，而在美国市场，收入下滑3%，低于分析师预期的1.19%增长。在日本市场，由于基数效应，一季度也转为负增长。去年一季度的收入曾得到中国游客赴日消费的强劲增长支持。

From a regional market perspective, LVMH’s revenue in Europe posted positive growth in Q1, while its U.S. revenue dropped by 3%—falling short of analysts’ projected 1.19% growth. In Japan, revenue turned negative in the first quarter due to the base effect. Last year’s Q1 revenue had been bolstered by the robust spending growth of Chinese tourists in Japan.

同时，在包括中国在内的其他亚洲地区，这一LVMH集团收入最多的市场，未能缓和两位数的下滑势头。一季度在日本以外亚洲地区的有机营收下降11%，降幅持平去年水平，但降幅是分析师预期的两倍多，分析师原本预期下降4.69%。

Meanwhile, in other Asian regions including China—LVMH’s biggest revenue-generating market—the group failed to stem the double-digit decline. In Q1, organic revenue in Asia excluding Japan dropped by 11%, matching last year’s decline rate but more than twice the 4.69% drop originally forecast by analysts.

财报公布后，LVMH美股粉单跌幅迅速扩大，美股早盘尾声时刷新日低至109.9美元，最终收跌6.2%。

Following the release of the financial report, the decline in LVMH’s U.S. over-the-counter (OTC) shares widened rapidly. In the late stage of U.S. stock morning trading, the stock hit a new intraday low of $109.9 and ultimately closed down 6.2%.