By Liz Moyer
Investing.com -- LVMH Moet Hennessy Louis Vuitton SE (EPA:LVMH) reported a 23% gain in revenue and profit from recurring operations for last year as the maker of luxury fashion, fine wine and jewelry benefited from a surge in demand after the loosening of pandemic restrictions.
The company reported revenue of 79.2 billion euro ($86.3 billion) for the year and profit from recurring operations of 21.1 billion euro. It said results in Europe, the U.S. and Japan got a boost from local customers and the recovery of international travel. Results in Asia were stable over the year, it added. China only recently lifted most of the Covid-related restrictions it had imposed to contain the spread of the virus.
For the fourth quarter, organic revenue of 22.7 billion euro rose 9% from the same period in 2021, though that pace of growth was slower than the double-digit gains in each of the previous three quarters.
CEO Bernard Arnault said in a statement that the company is headed into 2023 “with confidence” but they “remain vigilant due to current uncertainties.”
LVMH said all of its businesses marked “significant” organic revenue growth for the year, including a 20% gain for fashion and leather goods.
Shares of LVMH fell 1% on Thursday but they did mark a 52-week high. They are up more than 20% so far this year.