Luxury goods purveyor LVMH says 'uncertain' environment in Europe behind flat-lining profit
January 30, 2014 - 9:11 AM
PARIS - Luxury goods purveyor LVMH Moet Hennessy Louis Vuitton says profit from sales of Bulgari watches, Givenchy gowns and other high-end fashions was almost flat last year while revenue growth slowed sharply.
The fashion giant headquartered on Paris' elegant Champs Elysees boulevard reported net profit of 3.44 billion euros ($4.7 billion) in 2013, up only 0.4 per cent from 3.42 billion euros in 2012.
Sales growth slipped to 4 per cent last year from 19 per cent a year earlier, with the watches and jewelry and fashion and leather goods divisions posting lower year-on-year sales.
Chairman Bernard Arnaud said in a statement Thursday the results showed "another excellent performance despite exchange rate volatility and slower growth in the European markets."
The company also warned that Europe's economic environment remains "uncertain."
News from © The Associated Press, 2014