LVMH US$7.2bn Profits Surpass Expectations

Finance and Trade
02/02/2016 23:10

The New York Times reports French luxury group LVMH, the world's largest by sales, recorded a €6.6bn (US$7.2bn) profit last year, up 16% compared to 2014. Total sales amounted to US$38.8bn, up 6% YoY or double of what analysts estimated previously. Strong sales in the US, Europe and Japan outweighed slow business in China, where the luxury group recently closed several stores. Despite the overall weak performances in the global luxury segment, LVMH seems to have performed remarkably well; “The 2015 results confirm the capacity for LVMH to progress and gain market share despite economic and geopolitical uncertainty. Revenue and operating profit reached new record levels,” said Bernard Arnault, the company’s chief executive.