PARIS — An upbeat Bernard Arnault on Wednesday played down worries about a U.S. recession as the luxury juggernaut rolled on, sending net profits at LVMH Moët Hennessy Louis Vuitton up 8 percent last year to surpass the 2 billion euro threshold.
"We are relatively confident regarding the year 2008," Arnault said as the group reported net profits totaled 2.03 billion euros, or $2.78 billion at average exchange. He characterized the impact of a U.S. recession as "limited, weak or even non-existent" for the world's biggest luxury player.
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