The economy hasn’t tarnished the shine of LVMH Moët Hennessy Louis Vuitton.
The French luxury goods company reported “better-than-expected” profits of 7% with its various brands doing well.
“I’m pretty confident for an excellent second half,” Arnault told investors, confirming LVMH’s objective for a “tangible increase in results for 2008….The economy and monetary situation are uncertain, but it was already tough in the first six months.”
“LVMH said profits in fashion and leather goods gained 5 percent to 858 million euros, or $1.31 billion, on sales of 2.76 billion euros, or $4.22 billion, up 6 percent, driven by demand for Vuitton bags like the Mahina and Galliera models. This compares with profits of 814 million euros, or $1.08 billion, on sales of 2.6 billion euros, or $3.46 billion, in the previous year. All currency exchanges were made at average rates for the respective periods. ”
via DNR
