Sales and profits surge at luxury goods group LVMH

French luxury goods giant LVMH on Thursday registered sharp rises in profit and sales in the first half of 2012, despite difficult economic conditions in some of its major markets. Net profit was up 28 percent on the same period a year earlier, at 1.68 billion euros, while revenue rose 26 percent to 13 billion euros ($16 billion), slightly surpassing the consensus forecast from analysts. LVMH, whose assets include jeweller Bulgari, the fashion house Christian Dior and a string of top champagne and spirits brands, said all of its brands had gained market share and that it was confident of sustaining its growth throughout the rest of the year, despite challenges in Europe. Bernard Arnault, the company's chairman and CEO, said: "We approach the second half of the year with confidence and are relying upon the creativity and quality of our products as well as the effectiveness of our teams to pursue further market share gains in our historical markets as well as in high potential emerging markets." The company said organic revenue growth (stripping out the effect of acquisitions) was 12 percent and that its brands were growing particularly rapidly in Asia and the United States.