LVMH's net profit surged by 30% in the year's first six months.
LVMH Moet Hennessy Louis Vuitton SA, the world's largest luxury goods manufacturer, has reported impressive financial results for the first half of the year, showcasing the resilience of the luxury market amid economic and geopolitical uncertainties.
LVMH's net profit surged by 30% in the first six months of the year, reaching an impressive 8.481 billion euros, compared to 6.532 billion euros in the same period last year. Profit from continuing operations also saw a rise, reaching 11.574 billion euros. The company's revenue rose by 15% to €42.24 billion from €36.729 billion.
LVMH's CEO, Bernard Arnault, expressed his satisfaction with the results, stating, "LVMH delivered excellent results despite the ongoing economic and geopolitical uncertainties."
- The fashion apparel and leather goods segment proved to be a significant growth driver for LVMH, with revenues soaring 17% to €21.162 billion in the first half of the year, and organic growth impressively reaching 20%.
- The watch and jewelry sector also witnessed robust growth, with sales rising by 11% to €5.427 billion (organic increase of 13%).
- LVMH's chain retailers, including Sephora, DFS, and Le Bon Marche, experienced a remarkable 26% increase in revenue (organic growth of 26%).
- In the perfumes and cosmetics, revenue climbed by 11% to €4.028 billion, with organic growth reaching 13%.
- However, the company faced a slight dip in sales of alcoholic beverages, which declined by 4% to €3.181 billion (organic decline of 3%).
Despite the impressive financial performance, LVMH's stock quotes experienced a 3.4% decrease during trading on Wednesday. Nevertheless, the company's capitalization has risen by almost 21% since the beginning of the year, reaching an impressive 430 billion euros.
26 JULY 2023, France
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