DFS performance buoys LVMH

Print Article E-Mail Article

A strong performance from DFS Group and the Selective Retailing division helped lift profits at Moet Hennessy-Louis Vuitton (LVMH) in 2000. Group operating income increased 27% to hit Eu1,959m ($1,797m) in the year. And for the first two months of this year, sales at the group have risen 13% over the same period last year.

The company said travel retailing had shown improved performance, and profits at DFS Group rose to over Eu100m ($92m). This was helped by increases in visits to DFS Gallerias, merchandising improvements and a reorientation towards leading boutique brands and fashion apparel.

LVMH group managing director Myron Ullman III said: "These results confirm the dynamic nature of the Group, the success of our strategy and the quality of our world-renowned brands."

The company said last year was significant for "exceptional performances" from Louis Vuitton, the Perfumes division, Hennessy Cognac and DFS.

LVMH also said it was prepared for a more difficult environment in 2001, with the slowing economy in the US and the falling dollar and yen against the Euro. Priority this year would be organic growth and brand development, it said. The company has set targets for double-digit growth in sales and profits in 2001.