×
99 189
Fashion Jobs
ROSS STORES
Store Protection Specialist
Permanent · Houston
TJ MAXX
lp Detective
Permanent · Homestead
TJ MAXX
70118-Loss Prevention Detective, Newbury st, Boston, ma
Permanent · Boston
HOMEGOODS
lp Detective
Permanent · Frederick
TJ MAXX
70118-Loss Preventon Detective, Downtown Boston, ma
Permanent · Boston
KOHLS
Full-Time Sales Supervisor - Softlines
Permanent · Chattanooga
KOHLS
Full-Time Sales Supervisor - Softlines
Permanent · Norman
MACY'S
Asset Protection Detective, Bridgewater Commons - Full Time
Permanent · Bridgewater Township
MACY'S
Asset Protection Security Guard, Presidential Markets - Full Time
Permanent · Snellville
MACY'S
Asset Protection Detective, Santa Ana Mainplace - Part Time
Permanent · Santa Ana
MACY'S
Asset Protection Detective, Reno Meadowwood - Full Time
Permanent · Reno
MACY'S
Asset Protection Detective, Topanga - Part Time
Permanent · Los Angeles
BLOOMINGDALE'S
Asset Protection Outlet Supervisor, Outlets at Orange - Full Time
Permanent · Orange
BLOOMINGDALE'S
Asset Protection Visual Security Officer, Roosevelt Field - Part Time
Permanent · Garden City
ULTA BEAUTY, INC.
Retail Sales Manager
Permanent · Palmdale
KOHLS
Full-Time Loss Prevention Officer
Permanent · Pleasant Hill
KOHLS
Human Resources Generalist - Logistics
Permanent · DeSoto
KOHLS
Full-Time Sales Supervisor - Softlines
Permanent · West Des Moines
COTY
sr. Manager, Ecommerce Trade Mkting
Permanent · Los Angeles
COTY
Manager, Ecommerce Trade Mkting
Permanent · Los Angeles
COTY
Manager, Ecommerce Independents
Permanent · Los Angeles
GAP
Design Director - Women's Concept
Permanent · New York
By
Reuters
Published
Jul 26, 2016
Reading time
2 minutes
Share
Download
Download the article
Print
Click here to print
Text size
aA+ aA-

LVMH fashion and leather second-quarter sales beat forecasts

By
Reuters
Published
Jul 26, 2016

French luxury group LVMH on Tuesday posted forecast-beating fashion and leather sales growth in the second quarter, helped by solid demand in the United States and improved trading in Asia, excluding Japan.

Second-quarter sales at LVMH's all-important fashion and leather goods division were up 1 percent on a like-for-like basis, better than the flat to slightly downward trend expected by analysts and the zero growth seen in the first quarter.


Louis Vuitton, one of LVMH's flagship luxury labels.



However, the unit's profit from recurring operations fell 2 percent in the first half and LVMH's total underlying profit growth remained flat on the back of a 3 percent rise in first-half revenue, broadly in line with forecasts.

LVMH Chief Financial Officer Jean-Jacques Guiony said demand growth for Louis Vuitton was "very positive in the United States" and had improved in China but it was slightly negative in Europe and in "lower single digit terms" in Japan.

He added that profitability at Louis Vuitton, the biggest contributor to group earnings, remained similar in the first half when compared to the same period last year.

Guiony said it was difficult to quantify what impact on sales the September launch of Louis Vuitton's first ever perfume would have. It would only be sold at 350-400 of the brand's stores while comparatively, Chanel and Dior perfumes retailed at 40 to 50 times more shops globally, he said.

The luxury goods industry leader on Monday said it had agreed to sell the parent company of its loss-making fashion DKNY brand to U.S. clothing group G-III Apparel for $650 million after discontinuing its up-market sister brand Donna Karan in the past year.

LVMH Chief Financial Officer Jean-Jacques Guiony said the DKNY disposal did not mean that other underperforming brands such as Marc Jacobs would be sold.

"This is not an idea that has crossed our mind. We believe in the long-term potential of the brand and we are convinced we can create value at Marc Jacobs," Guiony told analysts on a conference call.

LVMH, which controls 70 brands including Louis Vuitton, Dior and Hennessy cognac, said demand in France, where it made 10 percent of sales, had suffered from a significant decline in tourist traffic in the first half.

The luxury goods industry is going through its most severe correction in seven years, with annual sales growth down to low single digits or flattish levels, against double-digit growth four years ago.

Several luxury groups and brands have seen their profitability hit by the luxury goods downturn, including Burberry, Cartier owner Richemont and Swatch, which issued a profit warning earlier this month.

Valuations in the luxury sector are down more than 20 percent since their peak in 2013.


 

© Thomson Reuters 2021 All rights reserved.