LVMH 'cautiously confident' after record 2016 results

1 min

Paris (AFP)

French luxury group LVMH said Thursday it was cautiously confident for 2017 after posting "record" results in last year.

"Despite a climate of geopolitical and currency uncertainties, LVMH is well-equipped to continue its growth momentum across all business groups in 2017," the group said in a statement, adding that it was "cautiously confident for 2017."

In 2016, LVMH -- whose brands include Louis Vuitton, Fendi, Givenchy, Guerlain and Sephora -- said it booked "record revenue and profit."

Bottom-line net profit grew by 11 percent to 3.98 billion euros ($4.25 billion) and revenues were up five percent at 37.6 billion euros.

The profit figure fell slightly short of analysts' expectations, while the revenue figure was marginally better.

Chief executive Bernard Arnault said that LVMH "achieved an excellent performance in 2016 within a context of geopolitical and economic instability."

And "in an environment which remains uncertain, we can count on the appeal of our brands and the agility of our teams to strengthen, once again in 2017, our leadership in the universe of high quality products."

He did not, however, provide any concrete forecasts for sales or earnings this year.