Pursuits
LVMH Profit Meets Estimates as Spirits Offset French Decline
- Sales in liquor segment rose 13% in quarter, besting estimates
- Fashion and leather goods revenue accelerated due to Fendi
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LVMH Moet Hennessy Louis Vuitton SE, the world’s biggest luxury-goods maker, reported first-half profit in line with analyst estimates as stronger demand for its champagnes and cognacs offset lower tourism flows to France.
First-half profit from recurring operations was little changed at 2.96 billion euros ($3.25 billion), the Paris-based company said Tuesday. Analysts expected 2.92 billion euros. Sales rose 4 percent on an organic basis in the second quarter, compared to the consensus of 2.9 percent, an acceleration from the first quarter’s pace.