PARIS -- Excluding an extraordinary gain, LVMH Moet Hennessy Louis Vuitton reported net earnings in 1993 dipped 1.3 percent, to $517.4 million (2.97 billion francs) at current exchange rates, on a sales increase of 10 percent to $4.15 billion (23.8...
PARIS -- Excluding an extraordinary gain, LVMH Moet Hennessy Louis Vuitton reported net earnings in 1993 dipped 1.3 percent, to $517.4 million (2.97 billion francs) at current exchange rates, on a sales increase of 10 percent to $4.15 billion (23.8 billion francs).
Including the nonrecurring gain of $104.9 million (602 million francs) from the sale of the Roc cosmetics business, net profit last year was $621.9 million (3.57 billion francs), a 19 percent hike over 1992. Operating profit for the luxury goods giant in 1993 was up 2.3 percent, to $977.3 million (5.6 billion francs).
In 1992, LVMH's net profit came to 3.01 billion francs on sales of 21.66 billion francs.
Sales growth has continued into 1994, the company reported, with revenues for the first two months up 28 percent, or 20 percent at constant exchange rates.
Revenue gains in 1993 were led by the company's leather goods and perfumes-cosmetics sectors, with each growing in operating profit as well.
Sales in leather goods -- comprising Louis Vuitton Malletier and Loewe International -- rose 21 percent, to $986 million (5.66 billion francs) with operating profit up 24 percent, to $402.4 million (2.31 billion francs). Sales in perfumes and cosmetics -- including the Dior and Givenchy beauty businesses -- grew 12 percent to $1.07 billion (6.12 billion francs) with operating profit up 5 percent to $148.4 million (852 million francs).
The segment including the fashion businesses of Givenchy and Christian Lacroix, press holdings and the Delbard horticulture firm saw sales rise 9 percent, to $128.2 million (736 million francs).
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