By  on July 27, 2009

PARIS — LVMH Moët Hennessy Louis Vuitton on Monday reported a 23 percent decline in first-half profits, despite a modest sales gain, as its wines, spirits, watches and jewelry businesses were hurt by heavy destocking by distributors.

But the French luxury group, which was scheduled to report earnings Wednesday, said it still expects to gain market share in 2009 because of product launches, expansion in new markets and cost containments.

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