Luxury goods giant LVMH Moet Hennessy Louis Vuitton, (LVMHF.PK, LVMUY.PK), Tuesday reported a drop in profit and revenues for the first half of 2024.
Net profit for the first-half slipped 14% to 7.27 billion euros from 8.48 billion euros last year.
Revenues for the first half slipped 1% to 41.68 billion euros from 42.24 billion euros last year.
First-half revenue for the wine and spirits segment slipped 12 percent year-over-year to 2.81 billion euros, while fashion and leather goods dropped 2 percent to 20.77 billion euros. The perfumes and cosmetics segment gained 3 percent to 4.14 billion euros and the watch and jewelry segment decreased 5 percent to 5.15 billion euros last year. The selective retailing segment gained 3 percent to 8.63 billion euros.
Bernard Arnault, Chairman and CEO of LVMH, commented: "The results for the first half of the year reflect LVMH's remarkable resilience, backed by the strength of its Maisons and the responsiveness of its teams in a climate of economic and geopolitical uncertainty. Driven as ever by our dual focus on desirability and responsibility, we have continued to work towards achieving the targets set out in our environmental and social action programs."
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