LVMH 1st Half Net Profit, Revenue Up Strongly
July 24 2019 - 12:34PM
Dow Jones News
By Cristina Roca
LVMH Moet Hennessy Louis Vuitton SE (MC.FR) said Wednesday that
its net profit for the half of the year rose thanks to buoyant
demand, and raised its interim dividend.
The world's biggest luxury-goods company said its first-half net
profit was 3.27 billion euros ($3.65 billion), up 9% from EUR3
billion the year previous.
The owner of the Louis Vuitton and Dior brands said revenue for
the first half was EUR25.08 billion, up 15% from EUR21.75 billion
for the same period the prior year, and above analysts'
expectations of EUR24.77 billion, according to a consensus estimate
provided by FactSet.
The luxury conglomerate's organic revenue growth for the first
half was 12%.
In the second quarter, revenue was up 15% on the year, growing
12% organically, LVMH said.
The company said demand was buoyant.
The company's key fashion and leather goods category posted 18%
organic growth, outdoing a 14% consensus estimate by a
landslide.
Profit from recurring operations for the first half was up 14%
at EUR5.3 billion, and operating margin stood at 21.1%, slightly
lower than 21.4% last year.
LVMH declared an interim dividend of EUR2.20, up from EUR2.00
last year, and said that although it remains vigilant, it is
entering the second half of the year with confidence.
Write to Cristina Roca at cristina.roca@dowjones.com;
@_cristinaroca
(END) Dow Jones Newswires
July 24, 2019 12:19 ET (16:19 GMT)
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