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French luxury group LVMH sees profit drop
PARIS, FRANCE: French luxury giant LVMH, maker of Louis Vuitton bags and Moet champagne, a 23% profit drop for the first six months of 2009 to €687 million ($977 million).
But the company's turnover edged up 0.2% from the same time last year to €7.81 billion despite a sharp drop in sales of drinks and jewellery.
The company said its results "demonstrated good resilience" in the face of slower sales in recession-hit markets.
LVMH chief Bernard Arnault said: "The first half results once again demonstrate the exceptional appeal of our brands as well as the effectiveness of our strategy, particularly remarkable given the global economic crisis."
Source: AFP
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