LVMH Posts Jump in 2nd Half Net Profit
January 26 2017 - 12:31PM
Dow Jones News
By Matthew Dalton
PARIS--LVMH Moet Hennessy Louis Vuitton's (LVMUY) net profit
jumped 14% in the second half of 2016 from a year earlier, pushed
higher by strong sales across a range of its brands.
The luxury conglomerate reported Thursday that sales in the
latter half of 2016 were EUR20.4 billion euros ($21.9 billion), up
7.3%. Net profit in the half was EUR2.27 billion. Sales for the
entire year were EUR37.6 billion.
The results herald a potential turnaround for the luxury
industry, which had seen its big-spending clients cut back over the
last two years amid terror attacks in Europe, a crackdown on
corruption in China and political uncertainty in the U.S.
"LVMH achieved excellent performance in 2016, within a context
of geopolitical and economic uncertainty," Bernard Arnault, LVMH's
founder and chief executive, said in a statement.
Write to Matthew Dalton at matthew.dalton@wsj.com
(END) Dow Jones Newswires
January 26, 2017 12:16 ET (17:16 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
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