LVMH Earnings, Revenue Rose Strongly in 1st Half Despite China Headwinds
July 26 2022 - 12:35PM
Dow Jones News
By Joshua Kirby
LVMH Moet Hennessy Louis Vuitton SE said Tuesday that sales and
earnings soared in the first half of the year despite the impact of
pandemic lockdowns in China, with the core fashion division once
again driving growth and profitability.
The French luxury-goods major's profit from recurring operations
in the January-June period rose 34% on year to 10.24 billion euros
($10.46 billion), with an operating margin of 27.9%. This includes
EUR7.51 billion from the fashion & leather-goods division,
which houses brands including Louis Vuitton and Dior. Analysts had
expected the group to make half-year operating profit of EUR9.57
billion, according to a FactSet-compiled poll of estimates.
Net profit meanwhile came to EUR6.53 billion, LVMH said.
The group made total sales of EUR36.73 billion in the six
months, with only a slight deceleration in the second quarter to
19% organic growth compared with 23% in the first quarter. The
F&LG division contributed a 24% rise to sales of EUR18.14
billion in the half-year. Analysts had expected a figure of
EUR35.42 billion, according to FactSet.
Revenue was driven by trends in Europe and the U.S., while Asia
growth was dampened by health restrictions in China, LVMH said,
without specifying the growth figures by region.
Write to Joshua Kirby at joshua.kirby@wsj.com;
@joshualeokirby
(END) Dow Jones Newswires
July 26, 2022 12:20 ET (16:20 GMT)
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