LVMH Jewelry Sales Hard Hit in H1
LVMH Moët Hennessy Louis Vuitton recorded revenue of €7.8 billion in the first half of 2009, a slight increase over 2008 despite the crisis. Watches and jewelry sales fell however 17 percent to €346 million. Jewelry sales by LVMH bounced back in the second quarter. In the first quarter, the Watches & Jewelry business unit had revenues of €154 million, a 27 percent year-over-year decline. However, in the second quarter a revival in sales was noted. Sales totaled €192 million, a much smaller 6.8 percent decline. LVMH blamed retailer destocking for the decline in sales in the business unit, with half year profit from recurring operations at just €20 million. According to the company, the watches and jewelry brands have focused on “strengthening their iconic lines” and maintaining cost management. The De Beers jewelry joint venture, as well as a number of other jewelry operations, “concentrated on improving the productivity of their networks and their boutiques,” LVMH noted. The Fashion & Leather Goods division is the only one that posted a rise in revenue - an 8 percent increase to €2.99 billion. For the entire group, revenues reached €7.8 billion and profit from recurring operations totaled €1.36 billion. Group share of net profit is €687 million, a 23 percent year-over-year decline. In its outlook, the company said LVMH will continue to gain market share in the second half of the year with a number of planned product launches. (source:Edahn Golan idexonline)
5/08/2010 19:54:29
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