http://www.iht.com/articles/ap/2008/10/09/business/EU-France-LVMH.php
LVMH reports higher third-quarter sales
The Associated Press
Published: October 9, 2008
PARIS: French luxury goods empire LVMH Moet Hennessy Louis Vuitton SA said Thursday sales rose six percent in the third quarter as demand for its wines, clothing, handbags and jewelry held up despite the weakening global economy.
The maker of Hennessy cognac and scents such as J'Adore and Miss Dior Cherie didn't provide a third-quarter sales total, but reported nine-month sales of 12 billion ($16.4 billion), up 4.5 percent from 11.4 billion a year ago.
For the third quarter, LVMH said only that sales climbed 6 percent on an organic basis taking into account acquisitions and disposals and exchange rates.
LVMH sales rose 5 percent in the first six months of the year, but since then economies in Europe and North America have shifted towards recession under the weight of the global financial crisis.
The maker of Moet & Chandon and Dom Perignon champagne said its wine and spirits division's sales fell 2 percent in the first nine months of the year the same pace of decline as in the first half. The company said strong growth particularly in China and Russia has been offset by a "contrasting situation" in the rest of the world.
The fashion and leather business, know for brands such as Kenzo, Fendi and Givenchy, and currently the biggest contributor to LVMH's profits, reported sales growth of 5 percent to 4.24 billion ($5.8 billion).
LVMH confirmed its target of a "tangible increase" in 2008 earnings, "despite the current global economic and financial crisis." Last year LVMH's net profit rose 8 percent to 2.33 billion.
LVMH reports higher third-quarter sales
The Associated Press
Published: October 9, 2008
PARIS: French luxury goods empire LVMH Moet Hennessy Louis Vuitton SA said Thursday sales rose six percent in the third quarter as demand for its wines, clothing, handbags and jewelry held up despite the weakening global economy.
The maker of Hennessy cognac and scents such as J'Adore and Miss Dior Cherie didn't provide a third-quarter sales total, but reported nine-month sales of 12 billion ($16.4 billion), up 4.5 percent from 11.4 billion a year ago.
For the third quarter, LVMH said only that sales climbed 6 percent on an organic basis taking into account acquisitions and disposals and exchange rates.
LVMH sales rose 5 percent in the first six months of the year, but since then economies in Europe and North America have shifted towards recession under the weight of the global financial crisis.
The maker of Moet & Chandon and Dom Perignon champagne said its wine and spirits division's sales fell 2 percent in the first nine months of the year the same pace of decline as in the first half. The company said strong growth particularly in China and Russia has been offset by a "contrasting situation" in the rest of the world.
The fashion and leather business, know for brands such as Kenzo, Fendi and Givenchy, and currently the biggest contributor to LVMH's profits, reported sales growth of 5 percent to 4.24 billion ($5.8 billion).
LVMH confirmed its target of a "tangible increase" in 2008 earnings, "despite the current global economic and financial crisis." Last year LVMH's net profit rose 8 percent to 2.33 billion.
in the last few months. Hooray for them if they can excel in this environment!
