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Gorgeous acceleration in Q4

  • 27 Jan 17

LVMH has exerted a tone of confidence in the luxury market through its growth acceleration in Q4. Rather nice organic growth of 8% was reported in the quarter (+9% reported) to reach €11,274m. All segments experienced strong organic performance, led by Selective Retail which grew at a double-digit rate (+11%). Sephora is outperforming all over the world. Wines & Spirits maintained a flat pace of growth compared to the first nine months at 7%. Fashion & Leather products edged up 9% to a record €3,784m, a jump compared to the modest 2% reported in September. Watches & Jewellery soared 8%, while watchmakers are struggling with the deteriorated momentum in the industry. Perfumes & Cosmetics slowed slightly to 7% vs. 8% over the first quarters. In the whole year, sales were up 6% (+5% reported) to reach €37,600m. Retail chains have drawn revenues of €11,973m (+8%). Fashion products’ sales were up 4% to reach €12,775m. By region, favourable momentum was experienced in the three main markets. Strong growth was reported in the US and Europe (+7%), underpinned by a 9% surge in Q4. In France, the decline in tourist inflows reduced sales by 1%. Things turned around in Asia where sales edged up 10% in Q4 (+3% in 9 months) bringing the yearly growth to 5%. The context in Japan remained challenging with 3% lower revenue in 2016. As regards profitability, margins were strongly consolidated with an 8% increasing operating profit to reach €6,904m, i.e. an operating margin of 18.4%. Wines and Fashion Goods generated the bulk of the recurring profit, contributing 76.5%. Both segments stepped up their profits by 10%. Although, Selective Retail’s profit retreated slightly by 2% due to the lagging DFS. Net profit edged up 11% to €3,981m. The financial position strengthened further with 23% lower net debt at €3,265m and 8% higher FCF at €3,974m. LVMH will propose a dividend of €4 per share, i.e. an increase of 13% and a final dividend of €2.6 to be paid in the current year.

The expansion bears fruit amidst a challenging context

  • 11 Oct 16

The world luxury leader impressed once again, outperforming the market with 6% organic growth in Q3 16 to €9,138m. The performance was underpinned by positive momentum experienced by Perfumes & Cosmetics and Selective Retail growing by 10% and 8% respectively. Wines & Spirits slowed to an organic rise of 4% compared to 9% in H1. The Fashion segment accelerated by 5%, while sales were flat in the first half of the year. Watches & Jewellery products maintained the constant growth pace posted in Q2, edging up 2%. Over the first nine months, sales were up 4% (5% organic growth) to reach €26,326m. Perfumes & Cosmetics outperformed with 6% reported growth to €3,578m, i.e. 13.6% of total sales vs. 12.7% by the end of 2015. Both Wines and Selective Retail surged by 5% to reach €3,281m and €8,283m respectively. The spurt in Fashion & Leather goods in Q3 brought the nine-month performance to 1%, to €8,991m. This segment will be enhanced by the German high-end luggage maker Rimowa in 2017. Watches & Jewellery were up 3% to €2,486m. LVMH experienced favourable sales momentum across all regions, even in Asia which posted a significant upturn in Q3. The momentum remains unfavourable in France due to sliding tourist flows. The group has confirmed that its expansion strategy is going ahead in-depth via acquisitions and innovative products as well as in selective promising markets.

Comforting H1 performance

  • 27 Jul 16

The pace of growth in early 2016 was maintained in Q2 amid a challenging global backdrop. Q2 sales grew at a modest 2%, bringing the H1 performance to 3% (€17,188m). Wines & spirits outperformed with a 7% surge to reach €2,056m, boosted by the strong momentum in cognac and spirits (+13% in volume and +10% in value). The core business retreated slightly by 1% to €5,933m despite the good progression of the main brands. All other segments experienced healthy growth (4-5%) with a marked outperformance in perfumes and cosmetics displaying an organic growth of 8%. Watches showed a strong resilience compared to the market, growing at 4% to reach €1,609m. The operating profit remained flat at €2,959m, pulled down by the deteriorating profitability of fashion & leather products, the main contributor to margins, and selective retail. The latter reported a 5% dwindling operating profit to €410m while the core business posted 2% decrease to €1,630m. Wines & spirits impressed with a 17% surge in operating profit to reach €565m. The group’s net profit benefited from lighter currency hedging costs and fewer financial expenses to reach €1,718m (+8%). Geographically, the US market experienced an impressive growth in both quarters bringing the H1 performance to 7% (organic). The market accounts for 26% of total sales. The Asian market (excl. Japan) reported a favourable momentum in Q2 increasing by 3% (-2% in Q1), although sales in Japan turned down (-5%) after a rise of 6% in Q1. Asia is still the main contributor to sales, accounting for 35%, of which 7% in Japan. Europe’s performance slowed down to 3% in Q2, i.e. growth of 5% in the first six months. Its contribution was reduced to 27% of which 10% in the home market. The strength of the financial structure was confirmed again with a drop in net debt of 12% yoy (€5,303m). Gearing was reduced to 16.9% vs. 19.8% a year earlier. The operating cash flow was consolidated from €1,494m in H1 15 to €1,632m in H1 16. The half year FCF gained €83m to reach €761m. An interim dividend of €1.4 will be paid in December 2016.