LVMH shares edge higher as sales and profits rise

PARIS (Reuters) - LVMH's shares eged higher on Tuesday after the world's biggest luxury goods group posted higher sales and profits, driven by surging sales of fashion lines and handbags by Dior, Fendi and Louis Vuitton.

LVMH shares were up 0.3% in early session trading.

"We are encouraged by Louis Vuitton and Dior's exceptional brand positioning across regions and sustained local luxury consumer demand," wrote brokerage Cowen & Company, which kept an 'outperform' rating on LVMH shares.

The luxury goods industry is recovering from the COVID-19 crisis, which shut down global travel and temporarily closed stores, and LVMH has benefited more than most, using its heft to spend on marketing and social media campaigns when some of its smaller rivals are still struggling to get back on their feet.