Half Year 2024 LVMH Moet Hennessy Louis Vuitton SE Earnings Call Transcript
Key Points
- Lvmh Moet Hennessy Louis Vuitton SE (LVMHF) reported EUR41.7 billion in revenues for the first half of 2024, up 2% year on year on an organic basis.
- Operating margin reached 25.6%, significantly exceeding pre-COVID levels.
- Free cash flow bounced back 74% to EUR3 billion, indicating strong cash generation.
- Fashion and leather goods division showed good results with operating margins remaining at an exceptional level of 38.8%.
- Sephora achieved double-digit revenue growth and significant market share gains, notably in the US, Canada, France, and the Middle East.
- Profit from recurring operations decreased by 8% year on year, impacted by a 5% negative currency effect.
- Wines and spirits division saw a 9% decrease in revenue on an organic basis, with weak demand for champagne in key markets.
- The Chinese market for cognac remains challenging with soft demand and cautious retailer inventory management.
- Watches and jewelry division experienced a 3% organic decline in revenue, with a significant negative currency impact.
- DFS continued to be affected by the uneven recovery of global travel, with revenue still below 2019 levels in Europe, Hong Kong, and Macau.
Ladies and gentlemen, good afternoon and welcome to today's conference call. I'm Rodolphe Ozun, Director of Financial Communications at LVMH, and with me is Jean-Jacques Guiony, our Chief Financial Officer. Jean-Jacques will start by taking you through the key highlights of the first half of 2024. I will then comment the performance by business group, after which Jean-Jacques will conclude with more detailed comments on the group's financial performance. After these remarks, we'll be happy to take your questions.
As a reminder, certain information to be discussed on today's call is forward looking and subject to important risks and uncertainties that could cause actual results to differ materially. For these, I refer you to the Safe Harbor statement included in our press release and on slide 2 of our presentation.
Turning now to our announcement. Our release was issued a short while ago in both French and English and is available on the LVMH website, lvmh.com as our slides for today's call. Jean
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