French luxury goods company LVMH Moet Hennessy Louis Vuitton said on Thursday its revenue in 2022 amounted to €79.2 billion, surging 23% compared to the previous twelve-month period to set a new record and beat market expectations.

Profit from recurring operations also increased by 23% to reach €21.1 billion, while group share of net profit rose 17% year on year to €14.1 billion. In the fourth quarter of the year, revenue stood at €22.7 billion.

"The Group once again recorded significant growth in revenue and earnings ... We approach 2023 with confidence but remain vigilant due to current uncertainties," the company CEO Bernard Arnault remarked. Following the release, LVMH's shares were up 1.17% in after-hours trading.