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LVMH has published a reassuring Q3 21. The overall growth was in line with expectations, highlighting that the F&L division has beaten consensus again. However, growth in W&J division was a little disappointing, mainly due to the temporary slowdown at Bvlgari in Asia.
The US and Asia continued to report double-digit growth, and the group is confident for now that the positive dynamic will continue.
LVMH isn’t exposed to sourcing shortages, even if it will need to absorb higher freight costs.
Companies: LVMH Moet Hennessy Louis Vuitton (MC:EPA)LVMH Moet Hennessy Louis Vuitton SE (MC:PAR)
LVMH opened the H1 21 earnings period strongly for the luxury sector. All divisions beat consensus expectations. More importantly, the sharp top-line jump, the favourable geographic mix and the group’s major brands’ strong pricing power have resulted in a record-high profitability.
Although the group will increase investments in H2 21, healthy growth could enable the group to increase investments without hurting margins.
Benefiting from the strong appetites of Chinese and American shoppers for LV & Dior handbags and Hennessy cognac, LVMH published an impressive Q1 21 performance. In particular, sales in the most profitable Fashion & Leather division soared 52% organically yoy (+37% vs. Q1 19), trampling consensus expectations.
However, sales from Asia jumped 86% yoy and accounted for 41% of total sales. The group’s higher exposure to the Chinese market is a double-edged sword, and this sword is just becoming sh
LVMH has reported another good year despite the pandemic.
On the back of an “in line” top-line performance, the operating profit was almost €1bn above consensus expectations. The group’s impressive profitability was mainly driven by the incredible resilience of the F&L division and outstanding profitability of the group’s major brands, notably, LV and Dior.
The enduring demand for the iconic products of LV and Dior has confirmed again that both brands are on their way to catching up with Hermè
Companies: LVMH Moet Hennessy Louis Vuitton SE
The incredible sales growth in the F&L division and good improvement in Spirits have led the group to record a clearly better-than-expected quarterly performance.
The strong resilience of LV and Dior has confirmed again the strong appetites of Chinese and American consumers for luxury goods despite the pandemic.
The publication is giving better visibility for the coming periods and encouraging indications for the group’s soft-luxury peers.
LVMH has unexpectedly announced that it is no longer able to carry out the acquisition of Tiffany due to the intervention of the French government.
We believe that LVMH is still willing to buy Tiffany and the announcement was another move to seek for a reduction in price.
The group has published its financial accounts for H1 20.
Despite the heavier level of inventory impairment and fixed costs that have resulted in a lower-than-expected profit from recurring operations, most of the divisions illustrated a strong resilience. In particular, the group’s larger Maisons Dior, Louis Vuitton, and Hennessy showed a strong progression in China, Japan, and the US.
We confirm that the enduring desirability of major brands is moving the group into an excellent position to
The group has released healthy FY19 results, broadly in line with market expectations.
The remarkable performance in Fashion & leather division has continued to be the growth engine, highlighting the persistently strong demand for LV and Christian Dior.
However, the group has not given any indication of how the Coronavirus will affect its activity in China and beyond. China accounts for a third of the group’s business, the unpredictable consequence of the epidemic is our main concern.
LVMH has agreed to buy Tiffany for an equity value of c.€14.7bn.
This rare acquisition opportunity in hard-luxury will significantly enhance LVMH’s position in the attractive luxury jewellery market and also increase the group’s exposure in the US.
LVMH has reported better than expected sales and maintained its pace of growth in Q3. Organically, group revenue increased by 11%, boosted by a 19% jump in fashion and leather goods. LVMH has confirmed once again its high growth and strong profile.
LVMH has reported record growth in its fashion & leather division, which has underpinned its organic growth despite the slowing growth in wines & spirits. Margins were flat yoy. The group remains confident with its outlook.
LVMH has stepped up its sales by 11% lfl (+16% reported) to reach €12.54bn. Leather goods were the outperformer, growing by 15% lfl, led by LV and Dior.
LVMH has well done in Q4, stepping up its sales by 9% lfl. Full-year organic growth came to 11% and full-year sales amounted to €46.8bn. The recurring operating margin increased by 190bp to 21.4%, returning a recurring operating profit of €10bn (+20.6%). The dividend to be distributed is €6 per share (+20% yoy).
LVMH reported solid growth in Q3. All businesses have contributed to the growth. However, caution is needed for the short-term outlook given the escalating concerns about waning Chinese demand.
LVMH outperforms again but with no real surprises. Sales were up organically 11% in Q2 and 12% in H1. Operating profit jumped by 29%.
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