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French luxury conglomerate LVMH has posted revenues and profit for fiscal 2016 that beat analysts’ estimates.
LVMH’s positive performance in 2016 has been attributed to strong sales in Europe and the U.S., and a slight recovery in Asia. The Group expects a smooth first quarter in 2017 but remains cautious with the uncertainties that remain in the global political and economic areas. According to Bernard Arnault, Chairman and CEO, LVMH, the impact of Brexit and the new Trump administration could make the second-half of the 2017 "more difficult". "My sentiment for 2017 is one of caution. When everything is going so well, one must be very vigilant”, he said.
LVMH’s overall profit from recurring operations in 2016 increased 6% to €7.03 billion, surpassing the €6.8 billion median estimate by some market analysts. Sales in the fourth quarter increased to €11.27 billion, a like-for like growth of 8%, and above analysts' estimates 5.6%.
The fashion and leather division, which accounts for the bulk of its sales and profits and is home to the Louis Vuitton, Fendi and Givenchy brands, also scored a like-for-like revenue growth of 9% in the fourth quarter, above forecasts of 5%.
Source: Reuterscomments powered by Disqus