Chinese tourists saved the day for Louis Vuitton Moet Hennessy (EPA:MC), analysts said, noting that 10% growth in the quarter was driven by very strong growth in offshore purchases in Japan and Europe.
Overall first-quarter sales were weaker than analysts expected at 3%.
Growth in the US was up 2% and Europe 3%, in line with forecasts, while a decline in Asia excluding Japan was much worse than expected at 6%.
Analysts at Stifel said the decline in wider Asia was "partially explained by the ongoing shift of Chinese purchases from Mainland China/Asia ex-Japan to Japan and Europe".
Deutsche Bank called the overall sales growth a "small miss" compared to the analyst consensus and noted that this was primarily driven by slowing Fashion & Leather sales.
The US creeping into positive territory with 2% growth showed it was "more resilient than feared".
Deutsche analysts said they "don't see material changes" to the constant currency sales outlook for the second quarter or second half of the year "which was already factoring in a material recovery", from the 3% forecast in the first half to 8% in the second.
"Given weak trading reported by Kering and Burberry, we see this overall as providing some reassurance that the diversification in the sector remains, with consumers reverting to the more premium brands."