- Ronaldo scores 133rd Portugal goal in Nations League win over Poland
- 40 nations contributing to UN Lebanon peacekeeping force condemn 'attacks'
- Eight dead as heavy rain thrashes Brazil after long drought
- Jewish school in Canada hit by gunfire for second time
- Morocco crush Central African Republic, Guirassy scores hat-trick
- Dupont scores quickfire hat-trick on Toulouse Top 14 return
- Ronaldo scores in Portugal's Nations League win as Spain sink Denmark
- Interim boss Carsley has not applied for England job
- Mets hurler Senga ready to take on Dodgers in game one of NL Championship Series
- Ronaldo on target again as Portugal defeat Poland in Nations League
- Guardians rip Tigers 7-3 to advance in MLB playoffs
- AFP, BBC win top French war reporting awards
- Carsley goes back to basics as humbled England face Finland
- Alex Salmond: the man who took Scotland to the brink of independence
- Scotland's former leader Alex Salmond dies aged 69: party
- UN warns of catastrophe as Israel fights a two-front war
- Croatia extend Scotland's losing streak
- South Africa, New Zealand boost T20 World Cup semi-final hopes
- 'Very challenging': Israel faces Hezbollah in tricky terrain
- Farrell begins to feel at home as Racing 92 beat Toulon
- South Africa boost T20 World Cup semi-final hopes with Bangladesh win
- Samson ton powers India to T20 series sweep after record total
- Djokovic to face Sinner in Shanghai final with 100th title in sight
- UN peacekeepers to remain in Lebanon: spokesman
- Pro-Conquest film fuels debate in Mexico over colonial legacy
- Samson ton powers India to record 297-6 in Bangladesh T20
- New Zealand enjoy perfect start to America's Cup defence over Britain
- Pogacar emulates icon Coppi with fourth straight Il Lombardia triumph
- UN warns against 'catastrophic' regional conflict
- New Zealand crush Ineos Britannia in America's Cup opener
- Djokovic to face Sinner in blockbuster Shanghai Masters final
- With medical report Harris seeks to play health card against Trump
- Sri Lanka seeks to match success in W.Indies T20s
- Sinner reaches Shanghai final, will end year number one
- China-EU EV tariff talks in Brussels end with 'major differences': Beijing
- Sabalenka downs Gauff in three sets to reach Wuhan final
- Israel warns south Lebanon residents to 'not return'
- Sinner tames Machac to reach Shanghai Masters final
- Buried Nazi past haunts Athens on liberation anniversary
- Harris to release medical report confirming fitness for presidency: campaign
- Nobel prize a timely reminder, Hiroshima locals say
- Hezbollah fires at Israel as wars rage on Yom Kippur
- Analysts warn more detail needed on new China economic measures
- China tees up fresh spending to boost ailing economy
- China says will issue special bonds to boost ailing economy
- China offers $325 bn in fiscal stimulus for ailing economy
- Dodgers drop Padres 2-0 to advance in MLB playoffs
- Alexei Navalny wrote he knew he would die in prison in new memoir
- Last-minute legal ruling allows betting on US election
- Despite hurricanes, Floridians refuse to leave 'paradise'
LVMH posts record sales and profit in 2023
The world's largest luxury goods group LVMH announced record results Thursday, even as growth slowed towards the end of last year and sales of spirits shrank.
The Paris-based conglomerate's sales for all of 2023 rose 9 percent to 86.2 billion euros ($94 billion) and net profit climbed 8 percent to 15.2 billion euros -- both records.
"Our performance in 2023 illustrates the exceptional appeal of our Maisons (brands) and their ability to spark desire, despite a year affected by economic and geopolitical challenges," CEO Bernard Arnault said in a statement.
"While remaining vigilant in the current context, we enter 2024 with confidence, backed by our highly desirable brands and our agile teams," he said.
The group's results were lifted by the continued strength of its fashion brands, which include Louis Vuitton, Dior, Celine, and Fendi.
LVMH serves as a barometer for the luxury sector, which has seen slowing growth over the past year as demand returns to normal after the post-Covid rebound and some economies began to splutter under the effect of higher interest rates.
The industry has shown mixed signals so far. British brand Burberry recently issued profit warnings, saying demand is slowing, while Swiss group Richemont, whose largest brand is Cartier, said sales continued to grow last year.
LVMH's fellow French rival Kering, whose largest brand is Gucci, will report 2023 results on February 8 and Hermes reports the following day.
Besides clothing and leather goods, LVMH also posted sales growth in perfumes, cosmetics, watches, and jewelry, with wines and spirits being the only unit to shrink, down 4 percent for the full year.
LVMH said its champagne operations, led my Moet Hennessy, grew but that cognac was hurt by a return to post-Covid normalcy in China and the United States.
LVMH breaks out results by division but not by brand. A geographical breakdown was not provided either.
The company said it would propose a dividend of 13 euros a share at its annual meeting April 18, up from 12 euros last year.
D.Moore--AMWN