LVMH has reported a 4% year-on-year rise in sales at its Selective Distribution business, which includes Sephora and DFS, its luxury duty free arm, to €4.38bn (£3.9bn).

Profit from recurring operations was flat at €388m (£349m). LVMH said: “Sephora had a good year with further growth in revenue and profit from recurring operations and maintained its current operating margin. This performance resulted in market share gains in all countries. Online sales continued their fast growth in France, the US and China.”