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Retail outlets are reopening with primary adjustments in the middle of the coronavirus. Lauren Simonetti of FOX Business with more.
LVMH, the world’s largest luxury goods group, said there were “strong signs” of a profitability since June, that corporate officials expected to enlarge the year, after the store closure widened a gap in the louis Vuitton owner’s second quarter sales.
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Like its rivals, LVMH was forced to temporarily close outlets and suspend production at some sites as the COVID-19 pandemic spread from China to Europe and the United States.
The company is also exposed to restrictions because it operates duty-free department stores at airports, and many of the buyers it targets in cities such as Milan or Paris are tourists.
“I don’t think we’ve ever noticed such a perfectly negative alignment of the planets opposed to us,” CFO Jean-Jacques Guiony said in a call to the convention, which also expressed optimism about a recovery in countries like China.
The rivals of the conglomerate, in addition to the owner of Gucci Kering and the French hers, who have not yet published the results, are exposed to similar trends. LVMH’s business is more varied as it also produces champagne and wine.
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Its percentage value outred more than similar companies during the COVID-19 crisis.
At an encouraging signal to the industry, the momentum of LVMH sales took a step forward in Asia Japan this quarter, with comparable sales falling 13% from 32% in the last 3 months.
In total, LVMH’s profits were 7.8 billion euros ($9.2 billion) from April to June, 38% less in comparable terms, eliminating the effect of currency fluctuations and acquisitions.
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This was greater than some analysts expected, with UBS raising a consensus for a 39% drop in the same store sales.
The group, which has invested heavily in marketing its major brands such as Christian Dior and Vuitton in recent years, said it would set prices and remain more selective in its investments.
Led by France’s richest man, Bernard Arnault, LVMH runs on its $16.2 billion acquisition of American jewelry player Tiffany when it hit the pandemic.
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He’s been looking for tactics where he could possibly diminish the value of the transaction, attempts have been suspended for now, others close to the issue said.
LVMH said Monday that Tiffany’s acquisition would close once it obtained all regulatory approvals, gave no major points on the timing.
The profits from the group’s recurring operations amounted to 1.67 billion euros in the first six months of the year, 68% less than the year.
Quotes with delay of at least 15 minutes. Real-time quote via BATS BZX Real-Time Price. Knowledge of the market through Interactive Data (General Conditions). Developed and implemented through interactive data management solutions. Basics of the company through Morningstar. Knowledge of revenue estimation through Zacks. Knowledge of mutual funds and ETFs through Lipper. Economic knowledge through Econoday. Dow Jones and Company Terms and Conditions.
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