LVMH 2017 Net Profit Jumps, Beating Forecasts
25 Janvier 2018 - 06:46PM
Dow Jones News
By Euan Conley
French conglomerate LVMH Moet Hennessy Louis Vuitton SE (MC.FR)
said Thursday that net profit for 2017 jumped 29%, fueled by a
strong performance across all of the company's product
divisions.
LVMH's net profit for the year was EUR5.13 billion ($6.34
billion), compared with EUR3.98 billion in 2016. Analysts had
expected the company to post a profit of EUR4.94 billion, according
to a consensus provided by Factset.
The company, regarded as an industry bellwether encompassing a
portfolio of dozens of luxury brands such as Fendi, high-end
jeweler Bulgari and Hennessy Cognac, said that fourth-quarter
revenue grew by 11% to EUR12.54 billion compared with the same
period in the previous year. Sales for the entire year totaled
EUR42.6 billion, buoyed by "exceptional profitability" at its
flagship Louis Vuitton fashion brand.
"The excellent performance, to which all our businesses
contributed, is due in part to the buoyant environment but above
all to the remarkable creative strength of our brands and their
ability to constantly reinvent themselves," said Bernard Arnault,
Chairman and CEO of LVMH.
LVMH said it was "cautiously confident" for 2018 in an
environment that continues to be supportive, despite unfavorable
currencies and geopolitical uncertainties.
The company added that it would propose a dividend of EUR5 per
share, an increase of 25% over the previous year.
Write to Euan Conley at euan.conley@dowjones.com
(END) Dow Jones Newswires
January 25, 2018 12:31 ET (17:31 GMT)
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