The LVMH net profit in the first half of 2020 fell over six times, to EUR 522 million compared to the same period last year, the company noted.
The largest loss in revenue share was in the watches & jewelry line, where revenue fell 38% year-on-year to € 1.319 billion. The line of wine, alcoholic beverages suffered the smallest losses - the revenue fell by 20% in annual terms, to EUR 1.985 billion. In the meantime, the company's net financial debt amounted to EUR 8.23 billion, decreasing by 5% compared to the previous year.
Despite encouraging signs of business recovery in June, LVMH's revenues declined markedly in the US and Europe during the quarter. In Asia, and especially in China, however, there is a noticeable increase in consumer behavior, the company noted. Meanwhile, LVMH shares fell 3.1% in 2020.
18:13, August 420-year-old Disney star arrested for beating up her boyfriend
17:11, August 4Harry Potter actor suffers from drug addiction for decades
16:12, August 4Kim Kardashian West, Kanye West trying to make their marriage work
13:31, August 4Leonardo DiCaprio signs exclusive deal with Apple
11:11, August 4Brazilian rapper dies after botched butt augmentation procedure
10:00, August 4Ukrainian model is beaten on Turkey beach
19:04, August 3Beckham to shoot movie with Netflix
18:11, August 3Kylie Jenner slammed for gifting daughter toy car
16:12, August 3Netflix adds Armenian Genocide film to its library
09:00, August 3Boris Nemtsov’s daughter, 18, marries Armenian (PHOTOS)
19:20, August 2Sean Penn secretly marries young actress
17:02, August 2Netflix to shoot movie based on Beyond Good & Evil game