Financial Data and Key Metrics Changes - Organic revenue increased by 17% in the first half of 2023, with profit from recurring operations up 13% and an operating margin of 27.4% [4][34] - Reported revenue rose by 15% to €42.2 billion, with a gross margin remaining at an all-time high of 69% [34][40] - Free cash flow amounted to €1.8 billion after €3.6 billion in operating investments, with a gearing ratio of 21% [4][48] Business Line Data and Key Metrics Changes - **Wines & Spirits**: Reported revenue decreased by 3% to €3.2 billion, with profit from recurring operations down 9% to €1.1 billion [5][34] - **Fashion & Leather Goods**: Organic revenue increased by 20% to €21.2 billion, with profit from recurring operations rising 14% to €8.6 billion [10][34] - **Perfumes & Cosmetics**: Organic revenue grew by 13% to €4 billion, with profit from recurring operations up 15% to €446 million [17][34] - **Watches & Jewelry**: Organic revenue increased by 13% to €5.4 billion, with profit from recurring operations rising 10% to €1.1 billion [23][34] - **Selective Retailing**: Organic revenue surged by 26% to €8.4 billion, with profit from recurring operations doubling to €734 million [28][34] Market Data and Key Metrics Changes - Asia's contribution to revenue increased by 2 percentage points, while the U.S. declined by 3 percentage points to 24% of sales [35] - U.S. organic growth was 3% in the first half, with a notable 8% in Q1 and a decline of 1% in Q2 [36] - Asia experienced a strong rebound with a 23% increase in the first half, including 34% in Q2 [36][37] Company Strategy and Development Direction - The company emphasizes a diverse and balanced portfolio of brands, which has proven to be a key asset in navigating external challenges [4][50] - Continued investment in brand desirability and creative momentum is a priority, with a focus on maintaining strong market positions [50][77] Management's Comments on Operating Environment and Future Outlook - Management acknowledges the challenges posed by external economic conditions but expresses confidence in the company's ability to adapt and thrive [50] - The company is optimistic about the recovery in key markets, particularly in Asia, and is focused on leveraging its financial strength for future investments [50][86] Other Important Information - The interim dividend has been set at €5.5 per share, to be paid on December 6, 2023 [48] - The company is undergoing a leadership transition with new CEOs for Dior and Louis Vuitton, focusing on maintaining brand desirability [76][77] Q&A Session Summary Question: Performance of Fashion & Leather Goods and Chinese consumer - Management noted a 40% to 45% increase in business with Chinese clients compared to 2021, despite a slow start in early 2023 [55][56] Question: Profitability of Fashion & Leather Goods - Profitability erosion was attributed to increased advertising and promotional expenses, particularly for high-profile fashion shows [56][57] Question: Performance in Watches & Jewelry - Watches & Jewelry saw a 13% organic growth, with strong performance in Asia, particularly among Chinese customers [61] Question: Cognac outlook and U.S. market concerns - Management expressed cautious optimism for Cognac, noting recovery in China but challenges in the U.S. market due to inventory issues [78][82] Question: Cosmetics growth in Asia - The company is experiencing weakness in travel retail in Asia, while the Mainland China business is progressing [91][92] Question: Duty-free strategy changes - The company is shifting focus to airport duty-free due to improved rental negotiations, moving away from downtown duty-free locations [95] Question: General and administrative expenses increase - The increase in G&A expenses was attributed to one-off costs, impacting the overall financial performance [97][98]

LVMH First half 2023 results July 25, 2023 nottinV sing This document may contain certain forward-looking statements which are based on estimations and forecasts. By their nature, these forward looking statements are subject to important risks and uncertainties and factors beyond our control or ability to predict, in particular those described in LVMH's Universal Registration Document which is available on the website (www.lymh.com). These forward-looking statements should not be considered as a guarantee o ...

LVMH Moët Hennessy - Louis Vuitton, Société Européenne (OTCPK:LVMHF) Q4 2022 Results Conference Call January 26, 2023 ET Company Participants Bernard Arnault - Chairman and CEO Jean-Jacques Guiony - CFO Conference Call Participants Antoine Belge - Exane BNP Paribas Edouard Aubin - Morgan Stanley Luca Solca - Bernstein Louise Singlehurst - Goldman Sachs Natasha Brilliant - Credit Suisse Bernard Arnault Good evening. I'm delighted to be with you again. I think, it's two years now, Mr. Guiony, that we were not ...

Financial Performance - LVMH's revenue reached €367 billion, a 21% increase compared to H1 2021[5] - Profit from recurring operations amounted to €102 billion, up 34% versus H1 2021, with an operating margin of 279%[5] - Operating free cash flow was €40 billion, a decrease of 24% compared to H1 2021[5] - Group share of net profit increased by 23% to €6532 billion compared to H1 2021[71] Business Group Highlights - Wines & Spirits revenue increased by 23%, with profit from recurring operations up by 25%[13] - Fashion & Leather Goods revenue rose by 31%, and profit from recurring operations increased by 33%[21] - Perfumes & Cosmetics revenue grew by 20%, but profit from recurring operations decreased by 1%[28] - Watches & Jewelry revenue increased by 22%, with profit from recurring operations up by 26%[38] - Selective Retailing revenue increased by 30%, and profit from recurring operations increased significantly by 181%[46] Regional Performance - Strong revenue growth was observed in Europe, Japan, and the United States[7] - Asia (excluding Japan) was impacted by health restrictions in China during Q2[9] - The United States accounted for 27% of total revenue, compared to 25% in H1 2021[60] - Asia (excluding Japan) contributed 32% of total revenue, down from 38% in H1 2021[60]

LVMH Moët Hennessy - Louis Vuitton, Société Européenne (OTCPK:LVMHF) Q2 2022 Results Conference Call July 26, 2022 12:00 PM ET | --- | |----------------------------------------------------------------------| | | | Company Participants | | Chris Hollis - Head of Investors Relations Jean-Jacques Guiony - CFO | | Conference Call Participants | | Luca Solca - Bernstein | | Edouard Aubin - Morgan Stanley | | Louise Singlehurst - Goldman Sachs | | Dana Telsey - Telsey Advisory Group | | Antoine Belge - Exane BNP ...

LVMH Moet Hennessy Louis Vuitton Société Européenne (OTCPK:LVMHF) Q1 2022 Earnings Conference Call April 12, 2022 9:00 AM ET Company Participants Chris Hollis - Director of Financial Communications Jean-Jacques Guiony - CFO Conference Call Participants Antoine Belge - Exane BNP Paribas Luca Solca - Bernstein Oliver Chen - Cowen Zuzanna Pusz - UBS Thomas Chauvet - Citi Dana Telsey - Telsey Advisory Group Edouard Aubin - Morgan Stanley Piral Dadhania - RBC Rogerio Fujimori - Stifel Liwei Hou - CICC Paola Carb ...

Financial Data and Key Metrics Changes - In 2021, the company achieved revenue of nearly €64 billion and profit from recurring operations exceeding €17 billion, marking a significant recovery from the pandemic-affected year of 2020 [3][37] - Operating free cash flow surpassed €13 billion, with an operating margin of 26% [37][55] - The company reported a net profit of €12 billion, up 68% compared to 2019, indicating a strong financial performance [55] Business Line Data and Key Metrics Changes - Fashion & Leather Goods experienced remarkable growth, with a 42% increase compared to 2019 and 51% growth in Q4 alone [41][49] - Wines & Spirits saw almost double-digit growth, driven by strong demand for champagne and cognac, particularly in the U.S. and China [49] - Perfumes & Cosmetics returned to pre-pandemic levels, while Watches & Jewelry showed a 7% organic growth compared to 2019, boosted by the integration of Tiffany [50][56] Market Data and Key Metrics Changes - The U.S. market accounted for 26% of sales, with a 25% increase compared to 2019, while Asia represented 35% of sales, up five percentage points over two years [42][43] - Japan experienced an overall growth of 5% for the year, with significant acceleration in the second half [44] - Europe faced challenges, with a gradual recovery noted in Q4, but still below pre-crisis levels [46] Company Strategy and Development Direction - The company emphasizes a long-term view, focusing on brand desirability and customer relationships, particularly with local customers in the absence of international tourists [74][82] - There is a commitment to sustainability, with goals for recycling materials and biodiversity initiatives [7][8] - The company remains open to future acquisitions but is not in a rush, focusing on nurturing existing brands [87][89] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to weather inflationary pressures, citing flexibility in pricing and strong demand for products [33][34] - The outlook for 2022 appears promising, with growth trends continuing into January [32] - Concerns about inflation and supply chain issues were acknowledged, but management believes these challenges can be managed effectively [33][34] Other Important Information - The integration of Tiffany has been successful, contributing significantly to revenue and profit despite the flagship store being closed for renovations [23][94] - The company has made significant strides in corporate social responsibility, with a focus on employee well-being and diversity [6][7] Q&A Session Summary Question: Growth drivers in U.S. and European markets - Management noted that U.S. and European customers are becoming more selective, prioritizing brands that offer cultural value beyond fashion [72][74] Question: Sustainability of margin growth - Management indicated that current margin levels are expected to be sustainable moving forward [76] Question: Factors affecting Wines & Spirits margins - The cyclicality of demand and marketing expenses were cited as reasons for margin fluctuations in the Wines & Spirits segment [78] Question: Implications of China's market being closed - Management observed that Chinese customers are purchasing more domestically, even without international travel, indicating a shift in consumer behavior [81][82] Question: Concerns about price increases - Management acknowledged the need to balance price increases with demand, emphasizing that high-quality products can command higher prices [84][86] Question: Future acquisitions and brand management - Management stated that while they are open to acquisitions, they focus on nurturing existing brands and do not frequently dispose of them [88][89] Question: Impact of Virgil Abloh's passing - Management expressed that the loss of Virgil Abloh was a significant shock, and they are currently in mourning while considering future creative directions [90]

Financial Data and Key Metrics Changes - The company reported a 53% rise in organic revenue compared to H1 2020 and an 11% rise compared to H1 2019, primarily driven by the Fashion & Leather and Wines & Spirits businesses [43][44][46] - Profit from recurring operations increased by 44% to €7.6 billion, with operating margins reaching 26.6%, up 5.5 points compared to H1 2019 [47][49] - The group's share of net profit reached €5.3 billion, marking a record for the first half [48] Business Line Data and Key Metrics Changes - **Wines & Spirits**: Revenue reached €2.7 billion, a 44% increase on an organic basis versus H1 2020, and a 12% rise compared to H1 2019 [6][14] - **Fashion & Leather Goods**: Revenue was €13.9 billion, an 81% increase on an organic basis versus H1 2020, and a 38% rise compared to H1 2019 [14][15] - **Perfumes & Cosmetics**: Revenue rose to €3 billion, a 37% increase on an organic basis versus H1 2020, but a slight decline of 3% compared to H1 2019 [23][24] - **Watches & Jewelry**: Revenue increased to €4 billion, a 71% organic revenue increase versus H1 2020, with profit from recurring operations rising to €794 million [30][31] - **Selective Retailing**: Revenues rose to €5 billion, a 12% increase on an organic basis versus the same period last year [36][37] Market Data and Key Metrics Changes - The geographic performance showed positive growth across all regions compared to 2020, with notable improvements driven by the U.S. and Asia [45] - The company experienced strong growth with American clients, while the growth with Chinese clients was in line with overall brand growth [62][63] Company Strategy and Development Direction - The integration of Tiffany is progressing well, contributing positively to the Watches & Jewelry segment [5][31] - The company plans to continue investing in marketing and distribution strategies, particularly in the second half of the year [70][71] - There is a focus on maintaining high margins while increasing the cost base to support growth initiatives [70][74] Management's Comments on Operating Environment and Future Outlook - Management noted that demand remains very strong across all brands, with no signs of a change in consumer behavior, particularly in China [64][65] - The company is optimistic about the second half of the year, despite potential challenges in certain segments like DFS and Belmond [81][82] Other Important Information - The company announced an interim dividend of €3 per share to be paid on December 2, 2021 [54] - The net debt reached €15.3 billion at the end of June, primarily due to the acquisition of Tiffany [55] Q&A Session All Questions and Answers Question: Product availability and constraints in the business - Management indicated that while there are some production capacity constraints, particularly in the Wines & Spirits division, overall operations are running smoothly without major bottlenecks [60][61] Question: Growth by nationality and recovery patterns - The growth with Chinese clients was strong but consistent with overall brand growth, with significant advances also seen with American clients [62][63] Question: Reinvestment readiness and profitability outlook - Management confirmed readiness to reinvest in H2, with expectations of maintaining margins despite increased costs for marketing and distribution [70][71] Question: Profit trajectory in the second half - The aim for DFS is to break even, but challenges remain due to limited recovery in certain markets [81][82] Question: Sephora's profitability and concession model - Sephora was profitable last year, and the concession model is not feasible within its store format [84][87] Question: Tiffany's performance and management changes - The strong performance at Tiffany is attributed to both favorable market dynamics and changes implemented by the new management team [85]

LVMH Moët Hennessy - Louis Vuitton, Société Européenne (OTCPK:LVMHF) Q4 2020 Earnings Conference Call January 26, 2021 12:00 PM ET Â Company Participants Jean-Jacques - CFO Chris Hollis - Head of IR Conference Call Participants Luca Solca - Bernstein Edouard Aubi - Morgan Stanley Antoine Belge - HSBC Louise Singlehurst - Goldman Sachs Thierry Cota - Societe Generale Omar Saad - Evercore Dana Telsey - Telsey Advisory Group Robert Williams - Business and Fashion Operator Ladies and gentlemen, welcome to the L ...

Financial Performance - LVMH's revenue for 2020 was 44651 million euros, a decrease of 17% compared to 53670 million euros in 2019[32] - Profit from recurring operations decreased by 28% from 11504 million euros in 2019 to 8305 million euros in 2020[34, 37] - Net profit before minority interests decreased by 36% from 7782 million euros to 4955 million euros[34] - Group share of net profit decreased by 34% from 7171 million euros to 4702 million euros[34] Business Group Performance - Wines & Spirits revenue decreased by 15% to 4755 million euros, with organic change of -14%[10] - Fashion & Leather Goods revenue decreased by 5% to 21207 million euros, with organic change of -3%[13] - Perfumes & Cosmetics revenue decreased by 23% to 5248 million euros, with organic change of -22%[16] - Watches & Jewelry revenue decreased by 24% to 3356 million euros, with organic change of -23%[19] - Selective Retailing revenue decreased by 31% to 10155 million euros, with organic change of -30%[22] Regional Performance - Asia (excluding Japan) saw a -4% organic revenue change in 2020, but showed strong recovery with +13% in Q3 and +21% in Q4[29] - The United States experienced a -24% organic revenue change in H1 2020, improving to -2% in Q4, resulting in -13% for the full year[29] - Europe experienced a -28% organic revenue change in 2020[29] Key Highlights - Strong recovery in Asia, particularly in China, with double-digit growth in the second half of 2020[5] - Double-digit organic revenue growth for Fashion & Leather Goods in the last two quarters of 2020[5] - Finalization of the agreement with Tiffany & Co[5]