The company posted mixed performance across regions. Europe and the US achieved growth on a constant currency and consolidation scope basis. Japan stood out with notable double-digit revenue growth, reflecting strong consumer spending. The rest of Asia also contributed significantly, driven by robust spending by Chinese customers in both Europe and Japan.The company said in a press release.
LVMH's recurring operating profit in the first half of fiscal year 2024 reached €10.7 billion, resulting in an impressive operating margin of 25.6 percent. The group's share of net profit amounted to €7.3 billion.
The fashion and leather goods business, a key segment for LVMH, recorded modest organic revenue growth of 1% to €2.11 billion. However, recurring operating profit in this segment fell by 6%.
In contrast, the Selective Retail segment posted a strong performance with organic revenue growth of 8 percent in the first half of fiscal year 2024. Earnings from recurring operations in this segment increased by 7 percent.
“The first-half results reflect LVMH’s remarkable resilience, supported by the strength of its houses and the responsiveness of its teams in a climate of economic and geopolitical uncertainty. Driven as always by our dual focus on desirability and responsibility, we have continued to work to achieve the objectives set out in our environmental and social action programmes. While remaining vigilant in the current context, the group is facing the second half of the year with confidence and will rely on the agility and talent of its teams to further strengthen its global leadership position in luxury goods in 2024,” he said. Bernard Arnault, Chairman and CEO of LVMH.
Fibre2Fashion (DP) Press Desk
