Thursday, 10th March 2005 (3975 views)

Luxury retailer LVMH Moet Hennessy Louis Vuitton has reported that 2004 operating income soared by 11 per cent to $3.2 billion (€2.4 billion).

The luxury goods retailer said sales of $16.9 billion (€12.6 billion) were boosted by watch and jewellery sales, which returned to profit, marking a turnaround from 2003.

The group's products range from Dom Perignon Champagne to Givenchy fashions.

Net income before goodwill amortisation increased by 26 per cent on 2003 figures, while net income for the company's Paris-based arm increased by 40 per cent, exceeding the €1 billion threshold for the first time.

Margin levels at Louis Vuitton recorded sales increases in the United States and across Asia and the group recorded growth across all operations. The company sold off less-profitable brands, including Christian Lacroix.

Chief executive, Bernard Arnault, said: "We are pursuing a strategy of concentrating on top brands and growing what we call our rising stars."

 

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