AFP
Oct 19, 2009
French luxury group LVMH reports stable third quarter sales
AFP
Oct 19, 2009
Monogramme Louis Vuitton |
The maker of Louis Vuitton bags and Moet champagne said in a statement that its quarterly turnover had fallen three percent at constant scope and exchange rates compared to the third quarter 2008.
It said the revenue drop was "attributable essentially to the continued destocking by distributors" but that a pick-up in sales compared to the first two quarters implied that "the end of this phenomenon may be approaching."
LVMH said that all of its businesses -- but particularly wines and spirits, watches and jewelry -- had recorded better performances than in the first half in 2009.
"The Group delivered a resilient performance in Europe and continues to show strong momentum in Asia, particularly in China," it said.
Turnover for the first nine months of the year was down six percent in organic data terms, at 11.946 billion euros (17.856 bln dollars), against 11.959 billion euros for the same period last year, the firm said.
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