LVMH first half net profit up 53 percent
PARIS — French opulence goods group LVMH SA said Tuesday that profit in the first half increased by 53 percent after a "powerful rebound" in demand for expensive watches and jewelry and fine Champagne.
The Paris-based conglomerate behind Louis Vuitton paraphernalia, Givenchy gowns and TAG Heuer watches reported net profit of euro1.05 billion ($1.37 billion) in the six months through June, up from euro687 million a year earlier.
LMVH Chairman Bernard Arnault said all firm lines contributed to growth — including, meaningfully, watches and expensive bubbly, which had seen demand tumble during the set-back.
"The group approaches the end of the year with confidence," Arnault said in a communication.
But he said that the "focus on cost control will continue into the lieutenant half of the year despite the momentum in the markets."
Gate rose 16 percent to euro9.1 billion.
LVMH's largest work segment, fashion and leather goods, reported an 18 percent be elevated in revenue in the first half and a 28 percent increase in profits from recurring operations.
Louis Vuitton reported "very considerable" revenue growth of over 10 percent, and Fendi, Donna Karan and other mode brands has a "good start to the year," the company said.
But the big turnaround came in LMVH's wine and spirits, and watches and jewelry divisions, which last year saw sales doff by over 10 percent.
Animal shelter moving to new digs, getting new tag
Record Mountain Animal Center is changing its name to Foothills Subhuman Shelter and moving to new digs.
The new $9.7 million the Gents, on the Jefferson County Fairgrounds, will more than double the center's common square footage, improve efficiency, and reduce tension on lost and surrendered animals, officials said.
The bruited about shelter, one of the largest in the Denver metro area, takes in about 10,000 animals annually. It also serves as the hub for Jefferson County's parish animal-control officers.
To prepare for the move to the 30,000-right-angled-foot building, the shelter is holding an adopt-a-thon to thin the ranks of surrendered animals waiting for homes.
Through Aug. 8 — when Tabulation Mountain closes for good — adoption fees are trimmed 50 percent.
Because moves can be stressful for animals, harbour spokeswoman Jennifer Strickland said, the goal of the espouse-a-thon is to prevent the more than 300 critters from being moved twice.
Cover executive director Heather Cameron said the Aug. 9 turn over to the new kennels has been carefully planned to minimize the impact on the animals.
Staffers, volunteers and subhuman control officers from several of the nine Jefferson County municipalities are lined up to move the cats, dogs, gerbils, hamsters, rats, ferrets, guinea pigs, birds and reptiles.
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