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LVMH demonstrates good resilience in H1
28
Jul '09
LVMH Moët Hennessy Louis Vuitton, the world's leading luxury products group, recorded revenue of €7.8 billion in the first half of 2009, reflecting a slight increase over the same period in 2008 despite the crisis and a high comparable.

Profit from recurring operations came to €1,363 million. It increased tangibly in the brands that control their distribution, like, for example, Louis Vuitton. The brands distributed by third parties, on the other hand, suffered a massive destocking impact by these distributors. This is notably the case for the Wines & Spirits and Watches & Jewelry business groups.

Bernard Arnault, Chairman and CEO of LVMH, commented:“The first half results once again demonstrate the exceptional appeal of our brands as well as the effectiveness of our strategy, particularly remarkable given the global economic crisis. LVMH thus proves its exceptional capacity to resist thanks to the strength of its brands, the responsiveness of its organization and the talent of its teams. Louis Vuitton has had a particularly exceptional first half of the year, probably the best in the luxury universe, with double-digit revenue growth and exceptional profitability. Reassured by the good resilience in the first half of the year, the Group approaches the second half with confidence. It will rely upon the creativity and quality of its products as well as the effectiveness of its teams who implement notably cost reduction measures adapted to the crisis, to pursue further development in its historical markets as well as in high potential emerging markets.”

Highlights of the first half of 2009 include:
• A slight increase in Group revenue despite the crisis
• Market share gains of all our brands notably with double-digit revenue growth at Louis Vuitton, whose profitability continues to be at an exceptional level
• Confirmed strong potential of emerging markets, which represent 30% of Group revenue
• Considerable destocking by distributors in the Wines & Spirits and Watches & Jewelry business groups
• Exceptional resilience of Parfums Christian Dior and Guerlain, which are gaining market share
• Growth at Sephora in all of its markets
• Solid financial position with a net debt ratio of 32%
• Net cash flow from operations before changes in working capital increased by 5%

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LVMH


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