LVMH FY20 Profit Down

(RTTNews) - Luxury products maker LVMH Moet Hennessy Louis Vuitton (LVMHF.PK, LVMUY.PK) Tuesday said its profit for 2020 was 4.70 billion euros, down 34% from last year's 7.17 billion euros.

Profit from recurring operations decreased 28% to 8.31 billion euros from 11.50 billion euros last year.

Revenues slipped 17% to 44.65 billion euros from 53.67 billion euros last year. Organic revenue growth was 10%.

All business groups declined due to the impact of Covid-19, with Wines & Spirits down 15%, Fashion & Leather Goods slipped 5%, Perfumes & Cosmetics dropped 23%, Watches & Jewelry tanked 24% and Selective Retailing plunged 31%.

CEO Bernard Arnault said, "LVMH showed remarkable resilience against the unprecedented health crisis the world experienced in 2020. Our priority has been to protect the health and safety of our employees and our clients and we have provided direct support in the fight against the pandemic."

Revenue in the fourth quarter was 14.30 billion euros, down 3% from 15.27 billion euros last year.