WebSify
Follow us on
Mail
Print

LVMH pledges growth despite uncertainty in Europe

Source : REUTERS
Last Updated: Fri, Feb 01, 2013 11:50 hrs

PARIS (Reuters) - LVMH aims to keep growing in 2013 despite Europe's uncertain economic environment, the world's biggest luxury group said on Thursday as it posted improved fourth-quarter results roughly in line with forecasts.

The French group said sales rose 8 percent in the last three months of the year on a like-for-like basis, after the previous quarter's 6 percent expansion.

"Despite an uncertain economic environment in Europe, LVMH is well equipped to continue its growth momentum across all business groups in 2013," it said in a statement.

In 2012, LVMH made a profit from recurring operations of 5.921 billion euros on revenue of 28.1 billion euros, broadly in line with market forecasts.

The group's results follow concerns raised earlier this month by Cartier watch maker Richemont , the world's second-largest luxury goods maker by market value, about the pace of growth in China, the industry's biggest engine of sales development.

LVMH said Louis Vuitton, its flagship band accounting for more than half of the group's operating profit, continued to enjoy "double-digit growth" in 2012.

Like-for-like growth at the group's fashion and leather unit, which includes Louis Vuitton, came in at 5 percent in the fourth quarter, as during the preceding three months.

(Reporting by Astrid Wendlandt)




blog comments powered by Disqus
most popular on facebook
talking point on sify finance