July 24, 2018 / 3:56 PM / a month ago

Vuitton owner LVMH posts rise in first half profits

PARIS, July 24 (Reuters) - France’s LVMH, home to fashion label Louis Vuitton and champagne maker Ruinart, on Tuesday posted a 28 percent year-on-year rise in underlying profit in the first half of 2018 as Chinese demand for luxury goods shows little sign of abating.

The company said profit from recurring operations reached 4.65 billion euros ($5.44 billion), beating the average forecast of 4.35 billion euros in an Inquiry Financial poll of analysts.

Group sales growth between April and June slowed slightly from the pace of 13 percent in previous three months to 11 percent on a like-for-like basis, which strips out currency swings. That was above expectations, however. ($1 = 0.8554 euros) (Reporting by Sarah White and Pascale Denis, Editing by Leigh Thomas)

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