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.
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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