LVMH : LVMH delivers in H1, the next stage is uncertain, but its strengths are intact
>F&L at +19% cc in Q2, H1 group EBIT beats the consensus by +6% - The group reported H1 sales of € 36.729bn (with € 18.726bn for Q2, or organic growth y-o-y of +19%, vs +23% in Q1) and EBIT of € 10.235bn (margin at 27.9%, vs 26.6% in H1 last year). We forecast sales of € 35.318bn (Q2: € 17.315bn) and EBIT of € 9.559bn (margin 27.1%) and the pre-announcement Visible Alpha consensus was at € 35.429bn for sales and €9.628bn for EBIT (margin 27.2%). We are thus c.+4% abov...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.
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