LVMH revenue in H1 2020 down 27%

Monday, 27. July 2020 17:52

French luxury goods company LVMH said its revenue in the first half of 2020 was down 27% to of €18.4 billion.

In the second quarter, revenue was down 38% on an organic basis compared to the same period in 2019. Profit from recurring operations was €1 671 million for the first half of 2020 and operating margin stood at 9%. Group share of net profit amounted to €522 million.

Bernard Arnault, Chairman and CEO of LVMH, said: "LVMH showed exceptional resilience to the serious health crisis the world experienced in the first half of 2020. Our Maisons have shown remarkable agility in implementing measures to adapt their costs and accelerate the growth of online sales. While we have observed strong signs of an upturn in activity since June, we remain very vigilant for the rest of the year."

Shares of LVMH were trading 0.58% higher at €401.4 at 5:37 PM CET.

Related Links: LVMH Moët Hennessy Louis Vuitton SE
Author:
Breaking the News / TF