LVMH Profit Up On Growth In Wine, Spirits, Fashion, Leather Businesses
LVMH Profit Up On Growth In Wine, Spirits, Fashion, Leather Businesses
Feb 2, 2012 6
(Dow Jones)--Luxury goods giant LVMH Moet Hennessy Louis Vuitton (MC.FR) Thursday reported a 1% rise in 2011 net profit, as the company continues to show strong growth in its wine and spirits, and its fashion and leather goods businesses, despite deteriorating consumer confidence in Europe.
The world's largest luxury goods company posted annual net profit of EUR3.07 billion, up from EUR3.03 billion from the previous year.
Owner of Louis Vuitton luggage and the Fendi fashion house, LVMH reported a 16% rise in revenue to EUR23.66 billion from EUR20.32 billion, in line with analysts' expectations of EUR23.4 billion.
Revenue of the fashion and leather goods division, LVMH's main activity, rose 16% to EUR8.71billion over the period.
"After an exceptional 2011, and despite an uncertain economic environment in Europe, LVMH is well-equipped to continue its growth momentum across all business groups in 2012," said the company in a statement.
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