French luxury goods giant LVMH said it had enjoyed a banner year in 2011 with net profits above three billion euros despite the uncertain global economy.
“2011 was another great vintage for LVMH,” group CEO Bernard Arnault said in a statement.
LVMH Moët Hennessy Louis Vuitton, the world’s leading luxury products group, recorded a 16% increase in revenue reaching 23.7 billion Euros in 2011.
This includes the integration of Bulgari as of 30 June 2011. Organic revenue growth was 14%. All business groups saw excellent momentum in Europe, Asia and the United States. Louis Vuitton, in particular, once again recorded double-digit revenue growth during the year.
Revenue increased by 20% in the fourth quarter with organic growth of 12%. This performance is in line with the favourable trends observed since the beginning of the year, and compares to the fourth quarter of 2010 which also grew.
Group share of net profit was 3 065 million Euros, an increase of 1% compared to 2010 which included a non-recurrent financial gain. Excluding this gain, the growth in Group share of net profit would have been 34%.
Bernard Arnault, Chairman and CEO of LVMH, said: “2011 was another great vintage for LVMH, highlighting once again the power of our brands, the excellence of our craftsmanship and the appeal of our products. Our businesses enjoyed excellent momentum and profit from recurring operations passed the threshold of €5 billion for the first time. The agreement with the Bulgari family was one of the key moments of the year. In 2012, LVMH intends to further strengthen its global leadership position in high quality products by relying on its sound, long-term strategy.”
The LVMH name owns, among others, the brands of Louis Vuitton, Givenchy, Hennessy, Moet & Chandon and Dom Perignon champagnes and Sephora perfume stores.
Arnault said the group was confident of a good year in 2012. “Despite an uncertain economic environment in Europe, LVMH is well-equipped to continue its growth momentum across all business groups in 2012,” he said. “LVMH enters 2012 with confidence and has, once again, set an objective of increasing its global leadership position in luxury goods.”
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