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Net profit at luxury goods marketer LVMH climbs 8% in H1
29
Jul '16
Courtesy: LVMH
Courtesy: LVMH
Net profit at luxury and premium fashion goods marketer LVMH climbed 8 per cent from a year ago period to €1,711 million in the first half of 2016.

In the six months to June 30, 2016, the world's leading luxury products group posted revenue of €17.2 billion, up 3 per cent, while organic revenue grew 4 per cent.

Profit from recurring operations for the reporting period stood at €2,959 million, unchanged from that achieved in the first half of 2015.

“The American market is dynamic, while Europe remains on track, with the exception of France, which has been affected by a decrease in tourism, while Asia improved steadily during the period,” the company said.

For the period under review, LVMH recorded cash from operations before changes in working capital of €3.7 billion, up 8 per cent year on year, while net debt to equity ratio was 20 per cent at end of June 2016.

CEO Bernard Arnault too said, “The diversity of our businesses, the entrepreneurial style of our brands and the agility of our organisation all contribute to the growth of the Group.”

“We face the second half of the year with confidence and count on the quality of our products and the talent of our teams to further strengthen our leadership,” he added. (AR)

Fibre2fashion News Desk - India

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