Sales for the second quarter stood at €622m compared to €645m last year; a loss of 4 per cent.
In the first quarter sales dropped 8 per cent and LVMH claims the second quarter saw an increase in orders from retailers who had considerably reduced their stock earlier in the year.
Increasing market share, despite losses
In addition, across the first six months of the year the company claims to have increased its market share despite the revenue losses.
Star products from the period include Parfums Christian Dior’s J’Adore, Miss Dior Chérie and Eau Sauvage, and the new foundation product Diorskin Nude from the brand.
Benefit and Make Up For Ever performed well according to the company, buoyed by significant international expansion.
Profit from recurring operations came in at €121 m for the six month period compared to €132m in the previous year’s period, a drop of 8 per cent.
Fashion and leather goods performed well for the company with 8 per cent sales growth but other sectors looked bleak. Wine and spirit sales declined 17 per cent along with watches and jewellery.
Sephora goes from strength to strength
The company’s selective distribution division, including beauty retailer Sephora, recorded a 7 per cent increase in sales.
According to LVMH, Sephora registered revenue growth in all of its markets and the number of stores grew in key markets such as China. However, profit from the division fell 15 per cent.
Overall, sales for the company in the first half of the year remained flat with a 0.2 per cent increase in revenue which the company CEO Bernard Arnault said demonstrates LVMH’s capacity to resist the global economic crises.
“Reassured by the good resilience in the first half of the year, the Group approaches the second half with confidence,” he said.