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Luxury conglomerate LVMH has reported stronger than expected fourth-quarter revenues, with sales in Europe, Japan and the U.S. offsetting the economic slowdown in China.
Organic revenues for LVMH increased 5% in the final quarter of 2015 and strong year-on-year results helped push revenue for the year to €35.7 billion, representing a 6% increase in organic terms compared to 2014, and a 16%incease in reported terms.
LVMH’s fashion and leather goods division recorded strong organic revenue growth of 4% for the fiscal 2015, +14% on a reported basis. Profit from recurring operations increased 10%. However, the figures were boosted by exchange rates given the weakness of the euro against the dollar and no comparable sales figures have been given.
According to Bernard Arnault, CEO of LVMH, retail sales in France, where it made 10% of revenue, are almost back to normal after the November 2015 attacks in Paris, which led to a 50% sales drop in some stores. Although recovery is on the way, sales for brands such as Louis Vuitton and Christian Dior are still 4-5% below the level prior to the attacks.
The group reported that revenues in China had rebounded during the second half of 2015 and described the overall performance in the Chinese market as stable.
“These results confirm the capacity for LVMH to progress and gain market share despite economic and geopolitical uncertainty”, said Arnault who also announced that the Louis Vuitton brand is to add several new products this year, including its first perfume.