LVMH, the world’s largest luxury goods retailer, revealed first-quarter same-store sales fell 7 per cent and denied reports that it is to sell its wine and spirits division Moët Hennessy.

In the quarter to March 31, total sales were flat at E4.02bn (£3.61bn) after demand fell for alcohol, watches and jewellery, particularly at
its TAG Heuer and De Beers brands. Like-for-like sales plummeted 22 per cent to E540m (£485.2m) at its wines and spirits division, and fell 11 per cent to E663m (£595.7m) in perfumes and cosmetics. Sales slumped 41 per cent to E154m (£138.4m) in watches and jewellery.

Growth came from its fashion and leather goods division – which includes Louis Vuitton – with sales up 4 per cent to E1.6bn (£1.44bn).