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LVMH First Half Profit Hit by Exchange Rates

In What's New, Industry News by Jeff Prine

Paris—LVMH—the world’s largest luxurygoods conglomerate—felt the sting of a “pressured” Asian market that pushed its profit and margins lower in the first half. Profit from recurring operations fell 5% to 2.58 billion euros (about $3.5 billion). Analysts had expected 2.76 billion euros. According to CFO Jean-Jacques Guiony, so-called organic sales …