LVMH Moët Hennessy Louis Vuitton posted another strong performance in the second quarter, suggesting the luxury sector is well positioned to weather turbulence in the Chinese market, which accounts for roughly a third of its sales.
The parent of brands including Louis Vuitton, Dior, Guerlain and Bulgari said revenues totaled 10.89 billion euros in the three months to June 30, above the market consensus of 10.86 billion euros, according to analysts polled by Factset. Net profit in the first half jumped 41 percent to 3 billion euros, while recurring operating profit rose 28 percent to 4.65 billion euros. Group sales in the first six months of the year were up 10 percent in reported terms and 12 percent on an organic basis, with all geographic areas posting double-digit growth.
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