2020年Q1奢侈品集团LVMH财报（英文）-2020.4.16-9页_1mb

2020 Q1 Revenue Summary for LVMH

Core Content

LVMH reported its first-quarter 2020 revenue on April 16, 2020, highlighting the company's resilience in the face of the global health crisis and its impact on international travel. The report includes key financial figures, regional performance, and insights into the performance of various business segments, including Wines & Spirits, Fashion & Leather Goods, Perfumes & Cosmetics, Watches & Jewelry, and Selective Retailing.

Main Points

• Resilience in a Disrupted Environment: LVMH demonstrated strong resilience amid the economic disruptions caused by the health crisis and limited international travel. The company's major brands, such as Louis Vuitton, Christian Dior Couture, and Moët Hennessy, showed particular strength.
• Regional Impact: All regions were affected by the crisis, with China seeing an improvement in in-store traffic and sales. The United States, Japan, and Asia (excluding Japan) experienced significant revenue declines, with organic growth rates of -8%, -10%, and -32%, respectively.
• Acceleration of Online Sales: The shift to online sales helped partially offset the impact of store closures, especially in China and Europe/US. This trend was a key factor in maintaining revenue momentum.
• Destocking by Retailers: Retailers began destocking in the Wines & Spirits, Perfumes & Cosmetics, and Watches & Jewelry segments, which impacted sell-in volumes.
• Support for Authorities and Safety Measures: The company took several initiatives to support efforts against the pandemic and ensure the safety of employees and customers.
• Business Segment Highlights:
  • Wines & Spirits: Champagne volumes decreased by 6%, but there was a positive price effect. Hennessy volumes fell by 13% due to VSOP and XO, while Glenmorangie and Belvedere showed volume growth.
  • Fashion & Leather Goods: Major brands showed resilience despite store closures and reduced international travel. Online sales growth accelerated, with early signs of recovery in Mainland China, Taiwan, and Korea.
  • Perfumes & Cosmetics: The segment benefited from accelerated e-commerce. Skincare remained resilient, and brands like Guerlain and Parfums Givenchy saw strong performance. Acqua di Parma and Kurkdjian also performed well.
  • Watches & Jewelry: Bvlgari was impacted by store closures in Asia and reduced travel. Chaumet celebrated the inauguration of its fully renovated store in Paris. TAG Heuer and Hublot had a good start to the year, but destocking affected their performance. The launch of LVMH's watchmaking Maisons at Bvlgari Resort Dubai was successful.
  • Selective Retailing: Sephora gained market share due to its online leadership, while stores in Europe and the US were closed until further notice. DFS experienced a strong revenue decline due to reduced travel, but the company focused on cost management.

Key Information

• The report contains forward-looking statements which are subject to risks and uncertainties. These statements reflect LVMH's views as of the date of the document and are not guarantees of future performance.
• The revenue figures are presented in millions of euros.
• The company emphasized innovation, quality, and selective investment in its strategy to adapt to the difficult economic environment.
• The impact of store closures and production site shutdowns on the Group's results was noted, though estimates were not yet available.
• The online sales growth was a significant factor in mitigating some of the negative effects of the crisis.

Summary

LVMH's Q1 2020 revenue report underscores the company's ability to maintain performance in a challenging environment marked by the health crisis and reduced international travel. While several regions and segments experienced declines, the company's major brands showed resilience, and online sales played a crucial role in offsetting some losses. The report also highlights the company's commitment to innovation, quality, and strategic cost management in response to the evolving situation.