FRANCE: LVMH H1 fashion and leather profit flat
- Fashion and leather goods Q2 profit flat
- Revenues up 7% to EUR5.03bn
- Group earnings fall 5% to EUR2.58bn
LVMH's Louis Vuitton brand delivered "strong creative momentum" in the first half
French luxury goods giant LVMH Moët Hennessy Louis Vuitton posted flat first-half earnings for its fashion and leather goods division, despite "strong creative momentum" at its Louis Vuitton brand.
The luxury goods powerhouse said the division's profit from recurring operations were flat at EUR1.49bn (US$2bn) during the first six months of the year.
Revenue, meanwhile, increased 7% to EUR5.03bn from EUR4.71bn in the prior year period. Organic growth was 4%.
Group earnings, however, fell 5% to EUR2.58bn from EUR2.17bn, while revenues climbed 3% to EUR14bn over EUR13.63bn a year ago.
"The results of the first half demonstrate LVMH's excellent resilience, thanks to the strength of its brands and the responsiveness of its organisation in a climate of economic and financial uncertainties," said LVMH chairman and CEO Bernard Arnault.
"The first half of the year also witnessed the smooth integration of Loro Piana into the group. Following the first half's good resilience, it is with confidence that we approach the second half of the year and rely on the creativity and quality of our products, and the effectiveness of our teams, to pursue further market share gains in our traditional markets, as well as in high potential emerging territories."
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