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LVMH Moet Hennessy Louis Vuitton SE said it expects further growth in the coming year as it ended 2022 strongly, driven once more by performance at its core fashion business.
The French luxury-goods titan
MC,
made quarterly sales of 22.7 billion euros ($24.78 billion), rising 9% on year at constant currency and beating analysts’ expectations of EUR22.26 billion in revenue for the quarter, according to a poll of estimates compiled by FactSet. This brought the full-year tally to EUR79.18 billion, 17% higher than in 2021.
Operating profit rose 23% on year, unadjusted for currency, to EUR21.06 billion, with an operating margin that remained stable on year. In line with revenue growth, net profit rose 17% to EUR14.08 billion.
The mainstay fashion business, home to brands Louis Vuitton and Dior, again outperformed the wider group in the fourth quarter, booking 10% sales growth. Louis Vuitton’s revenue for the full year topped EUR20 billion for the first time, LVMH said. The watches & jewelry business booked the slowest quarterly growth at 3%.
Looking ahead, LVMH founder and Chief Executive Bernard Arnault said the group is confident of further growth in 2023, but will remain vigilant given global uncertainty.
Write to Joshua Kirby at joshua.kirby@wsj.com; @joshualeokirby
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