LVMH Moët Hennessy Louis Vuitton recorded revenue of 41.7 billion euros in the first half of 2024, achieving organic growth of 2 percent but down 1 percent reported. In the second quarter, organic revenue growth was 1 percent. The luxury conglomerate said in a statement that the growth continued over the first half period despite a geopolitical and economic environment that remained uncertain. Profit from recurring operations reached 10.7 billion euros, down 8 percent, equating to an operating margin of 25.6 percent. The group share of net profit amounted to 7.3 billion euros, a drop of 14 percent.
LVMH’s chairman and CEO, Bernard Arnault, commented on the company’s trading results: “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.” The company added that Europe and the United States achieved growth on a constant consolidation scope and currency basis, while Japan recorded double-digit revenue growth.
The fashion & leather goods business group increased organic revenue by 1% to 21.2 billion euros, but profit from recurring operations decreased by 6%. The perfumes & cosmetics business segment increased organic revenue by 6% to 4,028 million euros, while profit from recurring operations remained stable. The watches & jewelry business experienced a 3% organic revenue decline to 5,427 million euros, with profit from recurring operations remaining stable.
In an uncertain geopolitical and economic environment, LVMH remains confident and will continue to enhance the desirability of its brands. The company will pay an interim dividend of 5.50 euros on December 4, 2024.
