LVMH reports revenue fall

Written by Nigel Huddleston

Friday, 06 February 2009

LVMH saw a 3% fall in revenue from wines and spirits in 2008, although sales on a like-for-like basis and taking account of currency changes were ahead by 1%.

Profit from recurring operations was Euros1.1 million - up just 0.2% on 2007 - on revenue of Euro3.1 million.

LVMH said demand for its wines and spirits brands was "less dynamic" in the US and Japan due to market conditions.

Emerging markets including China, Russia and the Middle East recorded high growth, and overall trends were positive in Europe.

Chairman and ceo Bernard Arnault said: "The results demonstrate the exceptional reactivity of our organisation in this period of economic crisis.

"The group has always emerged stronger from previous economic downturns thanks to the dynamic innovation of its brands, the quality of its products and the effectiveness of its teams."

He added that the group approached 2009 with "confidence and determination".