LVMH Upbeat as Strong Fashion Sales Mark a Bright End to 2022
27 January 2023 - 4:34AM
Dow Jones News
By Joshua Kirby
LVMH Moet Hennessy Louis Vuitton SE said it expects further
growth in the coming year as it ended 2022 strongly, driven once
more by performance at its core fashion business.
The French luxury-goods titan made quarterly sales of 22.7
billion euros ($24.78 billion), rising 9% on year at constant
currency and beating analysts' expectations of EUR22.26 billion in
revenue for the quarter, according to a poll of estimates compiled
by FactSet. This brought the full-year tally to EUR79.18 billion,
17% higher than in 2021.
Operating profit rose 23% on year, unadjusted for currency, to
EUR21.06 billion, with an operating margin that remained stable on
year. In line with revenue growth, net profit rose 17% to EUR14.08
billion.
The mainstay fashion business, home to brands Louis Vuitton and
Dior, again outperformed the wider group in the fourth quarter,
booking 10% sales growth. Louis Vuitton's revenue for the full year
topped EUR20 billion for the first time, LVMH said. The watches
& jewelry business booked the slowest quarterly growth at
3%.
Looking ahead, LVMH founder and Chief Executive Bernard Arnault
said the group is confident of further growth in 2023, but will
remain vigilant given global uncertainty.
Write to Joshua Kirby at joshua.kirby@wsj.com;
@joshualeokirby
(END) Dow Jones Newswires
January 26, 2023 12:19 ET (17:19 GMT)
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