LVMH Books Higher 1st Half Revenue, Profit as Fashion Sales Surge
July 26 2021 - 12:29PM
Dow Jones News
By Joshua Kirby
LVMH Moet Hennessy Louis Vuitton SE's earnings rose sharply in
the first half as sales jumped by more than half on the year,
driven by the core soft-luxury division.
The French luxury-goods giant said Monday that it made an
operating profit of 7.63 billion euros ($8.98 billion) in the six
months to end-June, nearly fives times as much as the previous-year
period, and some 44% higher than in the same period of 2019. Sales
increased to EUR28.67 billion from EUREUR18.39 billion
previously.
Analysts had forecast a first-half operating profit of EUR6.83
billion on sales of EUR28.36 billion.
Net profit came to EUR5.29 billion, more than tenfold that of
2020's first half.
Sales at the core fashion and leather-goods division, which
houses brands Dior and Louis Vuitton, saw the sharpest on-year
increase of 74% to EUR13.86 billion. All other divisions also saw
large on-year rises, though the perfumes and cosmetics and
selective retailing segments remained below the pre-pandemic period
in terms of revenue.
Write to Joshua Kirby at joshua.kirby@wsj.com;
@joshualeokirby
(END) Dow Jones Newswires
July 26, 2021 12:18 ET (16:18 GMT)
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