LVMH reports overall sales growth, mixed results in jewelry and watch sales
By JCK Online Staff -- JCK Online, 1/23/2004 2:00:00 AM
LVMH Moët Hennessy Louis Vuitton, the world's largest maker of luxury merchandise, reported that sales for 2003 were up 4% and operating profits rose 7%, led by its signature Louis Vuitton leather goods.
The figures assume constant exchange rates. Otherwise, largely because of the weak dollar, the company said sales would have been 6% lower than the previous year.
Fourth quarter sales grew by 8% over the same period during the prior year.
Watches and Jewelry group sales fell 9% to $638.4 million in 2003. For the fourth quarter group sales fell by 1% when compared to the previous year. Despite the overall losses, the company in a statement says that the, "business group confirmed its return to growth, which began during the summer," with TAG Heuer, Montres Christian Dior, and Chaumet all having double digit sales increases on a constant exchange rate basis over the period.
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