LVMH Third Quarter Revenue Drops 3 Percent
JCK Staff -- JCK Online, 10/20/2009 12:10:00 PM
Luxury goods group LVMH Moët Hennessy Louis Vuitton released its third-quarter 2009 earnings this week, revealing a three percent drop. Revenue for the first nine months of 2009 total $11,946 billion, compared to $11,959 billion during the same period last year, due to "continued de-stocking by distributors," according to a company release.
In particular, jewelry and watches experienced a 28 percent drop in sales and wine and spirits experienced an 18 percent decline. Meanwhile, fashion and leather goods saw a one percent gain, and perfumes and cosmetics saw a seven percent drop. Bright spots in the LVMH portfolio include expansion into Asia, particularly with the Louis Vuitton brand, which did unveil a fine jewelry collection, and plans to open a new store in Mongolia.
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