LVMH 2008 watch, jewellery sales up 6 percent; good performance in Middle East, Asia

LVMH reported that its 2008 sales rose 4 percent to Euro 17.2 billion (USD $ 22.0 billion) but group profit remained largely unchanged from 2007 at Euro 2 billion (USD $ 2.6 billion). Sales in the watches & jewellery sectors grew 6 percent to Euro 879 million (USD $ 1.1 billion) and operating profits will 16 % to Euro 118 million (USD $ 151 million), the steepest decline of all of the company’s sales categories.

LVMH reported a noticeable drop in jewellery sales during Q4-2008 due weak sales in the US but ‘good performance in the Middle East, other parts of Asia and Europe compensated in part for the slowdown in the US and Japanese markets.