LVMH : Growth still robust although unsurprising, lacklustre profitability but the outlook remains very solid
>Organic growth +100bp above our forecast but EBIT margin still impacted by the increase in marketing costs - For H1, the group has published sales of € 42,240m, i.e. organic growth of 15% on a reported basis and +17% organic (Q2 +17% maintaining the Q1 trend) and EBIT of € 11,574m up 13%, reflecting a margin of 27.4%, compared to 27.9% in H1 last year (25.5% in H2). We had anticipated, respectively, € 42,339m and € 11,732m, reflecting growth in Q2 of 16.3% and an H1...LVMH Moet Hennessy Louis Vuitton is a manufacturer and retailer of luxury goods. Co. offers champagne and wines, cognac and spirits, fashion and leather goods, perfumes and cosmetics, watches and jewelery; and is engaged in selective retailing. Its operations are organized along five business segments: Wine and Spirits, Fashion and Leather Goods, Perfumes and Cosmetics, Watches and Jewelery, and Selective Retailing. Co. is also engaged in other activities (Media with Les Echos group, La Samaritaine and Luxury yacht with Royal Van Lent). Some of Co.'s brands are Moet & Chandon, Dom Perignon, Louis Vuitton, Fendi, Donna Karan, Parfums Christian Dior, Guerlain, Parfums Givenchy, and TAG Heuer.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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