(RTTNews) - LVMH Moët Hennessy Louis Vuitton, (LVMHF.PK, LVMUY.PK) the world's largest maker of luxury goods, Wednesday reported a 27 percent decline in revenues for the first half of 2020 as all segments recorded revenue drop, hurt largely by the ongoing coronavirus pandemic.
Net profit for the first-half plunged 84 percent to 522 million euros from 3.27 billion euros last year. Profit from recurring operations declined 68 percent to 1.67 billion euros from 5.30 billion euros last year.
Total revenues for first half dropped 27 percent to 18.39 billion euros from 25.08 billion euros last year. Organic sales declined 28 percent compared to the same period in 2019.
First-half revenue for wine and spirits segment dropped 20 percent to year-over-year to 1.99 billion euros, while fashion and leather goods slipped 23 percent to 7.99 billion euros. Perfumes and cosmetics segment plunged 29 percent to 2.30 billion euros and watch and jewelry segment decreased 38 percent to 1.32 billion euros last year. Selective retailing segment dropped 32 percent to 4.84 billion euros.
CEO Bernard Arnault said, "LVMH showed exceptional resilience to the serious health crisis the world experienced in the first half of 2020. Our Maisons have shown remarkable agility in implementing measures to adapt their costs and accelerate the growth of online sales. While we have observed strong signs of an upturn in activity since June, we remain very vigilant for the rest of the year."
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