An upbeat Bernard Arnault trumpeted a note of confidence for luxury in reporting that LVMH Moët Hennessy Louis Vuitton surpassed net profits of 2 billion euros, or $2.74 billion, in 2007 as sales of pink
Meanwhile, Polo Ralph Lauren on Wednesday posted third-quarter results that bested the year-ago period.
Disclosing LVMH’s sales and profits at a news conference in
“We are relatively confident regarding the year,” Arnault said, adding economic gyrations are “not likely to lead to major consequences.”
LVMH said 2007 revenues rose 8 percent to 16.48 billion euros, or $22.59 billion, while the group’s share of net profit increased 8 percent to 2.03 billion euros, or $2.77 billion at current exchange.
At Polo, income was $113 million, or $1.08 a diluted share, versus $111 million, or $1.03, a year ago. Total revenues rose 11 percent to $1.27 billion from $1.14 billion. "The talent of our creative and managerial teams and our increasingly global reach are enviable assets that position us well for long-term growth," said Ralph Lauren, chairman and ceo.
For complete coverage, see Thursday's WWD.