The Globe and Mail reports in its Tuesday edition that sales at luxury giant LVMH edged higher in the second quarter as strong demand from affluent U.S. shoppers helped offset weaker spending in Europe. A Reuters dispatch to The Globe says that sales at the owner of Louis Vuitton, Dior, and Moet & Chandon rose 3 per cent when adjusted for currency swings to 19.5 billion euros. Growth was driven by the U.S., where sales rose 6 per cent after a 3-per-cent increase in the first quarter, LVMH said, citing strong demand fuelled by newly created tech-boom wealth. Watches and jewellery were LVMH's fastest-growing business, with organic sales up 11 per cent, up from 7 per cent in the previous quarter. Tiffany and Bulgari posted growth in the mid-teens as wealthy shoppers continued to favour jewellery over soft luxury categories. LVMH shares have fallen 28 per cent year-to-date, making LVMH one of Europe's worst-performing large-cap stocks. "Net, we view this as a reassuring print particularly on better than expected margins and earnings," RBC analysts said in a note. "However questions will likely be asked around whether [second half] consensus expectations are achievable given increasingly tougher comparative."