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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Lvmh Moet Hennessy Louis Vuitton SE | EU:MC | Euronext | Ordinary Share |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
14.20 | 1.83% | 792.20 | 790.00 | 797.70 | 797.70 | 784.00 | 789.00 | 230,329 | 16:40:00 |
By Matthew Dalton
PARIS -- LVMH Moët Hennessy Louis Vuitton's net profit jumped 14% in the second half of 2016 from a year earlier, pushed higher by strong sales across much of the conglomerate's empire of luxury brands.
The luxury-goods maker reported Thursday that sales in the latter half of 2016 were EUR20.4 billion euros (about $21.9 billion), up 7.3% and beating analyst expectations of EUR20.2 billion. Net profit in the half was EUR2.27 billion. Sales for the entire year were EUR37.6 billion.
The results herald a potential turnaround for the luxury industry, which had seen its big-spending clients cut back over the last two years amid terror attacks in Europe, a crackdown on corruption in China and political uncertainty in the U.S.
Yet Bernard Arnault, chief executive and founder of LVMH, sounded a note of caution about the year ahead. Geopolitical uncertainty and the threat of rising interest rates have created volatility in the business environment, Mr. Arnault said.
"For every 10 years, we have eight good years and two not good years," Mr. Arnault said, adding that eight years have passed since the financial crisis. "We really have to be prudent."
With a portfolio of dozens of brands, LVMH is viewed as a bellwether for the luxury industry. Its holdings include Louis Vuitton, cosmetics retailer Sephora, fashion house Fendi, high-end jeweler Bulgari and Dom Pérignon champagne.
LVMH sales in the fourth quarter accelerated, confirming that the luxury sector is rebounding, said Exane BNP Paribas analyst Luca Solca.
"All divisions appear strong," Mr. Solca wrote in a note to clients.
Write to Matthew Dalton at Matthew.Dalton@wsj.com
(END) Dow Jones Newswires
January 26, 2017 14:21 ET (19:21 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
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