2024-01-25 16:39:02 ET
LVMH Moet Hennessy Louis Vuitton SE (LVMHF)
Q4 2023 Earnings Conference Call
January 25, 2024, 12:00 PM ET
Company Participants
Bernard Arnault - Chairman and CEO
Jean-Jacques Guiony - CFO
Conference Call Participants
Antoine Belge - BNP Paribas Exane
Edouard Aubin - Morgan Stanley
Louise Singlehurst - Goldman Sachs
Luca Solca - Sanford Bernstein
Presentation
Bernard Arnault
Good evening. Once again, I'm delighted to be with you today to announce record results in 2023 for the LVMH Group. Indeed, you no doubt seen the press release that just come out. You've seen the figures.
We delivered over €86 billion in revenue, up 9%. We achieved the profit from recurring operations of €22.8 billion, up 8%. Free cash flow is slightly negative because we made a number of investments, but cash flow from operations is, of course. Firstly, I need to tell you that the end of the year was rather good. The fourth quarter was delivered higher growth than the third. That's good news.
We know that there were some uncertainties in the market, but that went well. And yet in 2023, the economic and especially geopolitical context was rather uncertain with the various conflicts throughout the world with inflation, rising interest rates, I think to be coming a bit. We'll see what the situation is in 2024, but a year marked by those two major difficulties. Organic growth was sustained across all our activities, except in Wines & Spirits, and I'll tell you why later.
Very good increase in Fashion & Leather Goods, in Wines & Spirits. It's mixed, Champagne is up and Cognac both because of the difficulty in the United States. And the minor restrictions in China the market was less buoyant. Good dynamic for all our Watch & Jewelry Maison, excellent results by perfumes. J’'adore is still leading the way worldwide. Sauvage is number one for the second or third consecutive most widely sold fragrance, both in the men's category and across all categories, and it's the first fragrance launched about 10 years ago. So that's very good performance.
Selective Retailing. Remarkable performance of Sephora that has managed to exceed all our forecasts. In fact, this morning, there was some interesting article in the financial times are often interesting pieces in the FT. I don't know if we have anyone for the FT with us. But like Lesico, that's an excellent newspaper that I recommend to you that was actually saying that in LVMH. ...
Read the full article on Seeking Alpha
For further details see:
LVMH Moet Hennessy Louis Vuitton SE (LVMHF) Q4 2023 Earnings Call Transcript