The French luxury goods group LVMH, which owns the Moet and Hennessy drinks brands has seen its first-half sales fall 9.9% to €5.238 billion (US$5.95 billion). The weak dollar and the impact on travel retail from SARS and the war in Iraq were blamed for the fall.
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However, the company said it still expected to post first-half operating income up approximately 3%, while still maintaining “tangible” operating income growth for 2003.
“The environment in the second half is expected to be more favourable,” LVMH said.
“The group anticipates that there could be a return to a more normal environment in the first half of 2004,” barring any geopolitical factors, it continued.
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