SOCIETE ANONYME AU CAPITAL DE 363 454 096 EUROS- 582 110 987 R.C.S PARIS
3 0 A V E N U E M O N T A I G N E
P A R I S7 5 0 0 8
Phone +33 1 44 13 22 22
Paris, 2 February 2012
The Christian Dior Group recorded revenues of 24.6 billion
Euros in 2011, an increase of 17% compared to 2010. This
includes the integration of Bulgari as of 30 June 2011.
Organic revenue growth was 14%. All business groups saw
excellent momentum in Europe, Asia and the United States.
Revenue increased by 21% in the fourth quarter with organic
growth of 12%. This performance is in line with the
favourable trends observed since the beginning of the year
and compares to the fourth quarter of 2010 which also
grew.
Profit from recurring operations increased by 23% to 5,323
million Euros, a performance which is even more remarkable
when compared to the strong growth recorded in 2010. Current
operating margin continued to improve, reaching 22% in
2011.
Group share of net profit was 1,279 million Euros, an
increase of 1% compared to 2010 which included a
non-recurrent financial gain. Excluding this gain, the growth
in Group share of net profit would have been 36%.
Revenue | 24,628 | 21,123 | + 17%* |
Profit from recurring operations | 5,323 | 4,338 | + 23% |
Net profit | 3,448 | 3,269 | + 5% |
of which Group share | 1,279 | 1,261 | + 1% |
Free cash flow** | 2,148 | 3,013 | - 29% |
* +14 % with comparable structure and exchange rates.
** Before financial investments, transactions relating to equity and financing activities.
LVMH reported revenues of 23,659 million Euros in 2011 and profit from recurring operations of
5,263 million Euros. Highlights of 2011 include:
Further market share gains throughout the world, Continued
rapid growth in Asia,
Excellent performance at Wines & Spirits,
Double-digit revenue growth and exceptional profitability at
Louis Vuitton, Growth acceleration at the other Fashion &
Leather Goods brands,
Strong growth in the results of DFS and Sephora, which
continue to increase their lead over competitors across all
regions in which they operate,
Strength of Parfums Christian Dior which is sustained by a
strong culture of innovation, Doubled profit from recurring
operations at Watches & Jewelry following the strong increase
in the business group's results and the integration of
Bulgari in the second half of the year.
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LVMH revenue by business group:
Euro millions 2011 2010% change
Reported Organic*Wines & Spirits 3,524 3,261 + 8% + 10% Fashion & Leather Goods 8,712 7,581 + 15% + 16% Perfumes & Cosmetics 3,195 3,076 + 4% + 9% Watches & Jewelry 1,949 985 + 98% + 23% Selective Retailing 6,436 5,378 + 20% + 19% Other activities and eliminations (157) 39 - - Total LVMH, as reported 23,659 20,320 + 16% + 14%
* With comparable structure and exchange rates.LVMH profit from recurring operations by business group:
Euro millions 2011 2010 % changeWines & Spirits 1,101 930 + 18% Fashion & Leather Goods 3,075 2,555 + 20% Perfumes & Cosmetics 348 332 + 5%* Watches & Jewelry 265 128 + 107%** Selective Retailing 716 536 + 34% Other activities and eliminations (242) (160) -
Total LVMH, as reported 5,263 4,321 + 22%
* + 8% with comparable structure. ** + 41% with comparable structure. Christian Dior Couture's excellent performance achieved revenues of 1 billion Euros in 2011, representing an increase of 22% at constant exchange rates and of 21% at current exchange rates compared to 2010. All product categories across the world contributed strongly to the success of the brand.
In 2011, retail sales recorded an increase of 28% at constant
exchange rates and of 27% at current exchange rates.
Profit from recurring operations more than doubled compared
to 2010 and stood at 85 million Euros. This growth reflects
both the momentum in sales and the improvement of the gross
margin.
In 2012, Christian Dior Couture will continue its strategy
focused on the excellence of its products and the strength of
its ever-evolving network of boutiques.
After an exceptional 2011, and despite an uncertain economic
environment in Europe, the Christian Dior Group is
well-equipped to continue its growth momentum across all
business groups in 2012. Its strategy will remain focused on
developing brands through strong innovation, quality and
expansion in high potential markets.
Driven by the agility of its organization, the balance of its
different businesses and geographic diversity, the Christian
Dior Group enters 2012 with confidence and has, once again,
set an objective of increasing its global leadership position
in luxury goods.
At the Annual Shareholders Meeting on April 5, 2012,
Christian Dior will propose a dividend of
2.61 Euros per share, an increase of 24%. An interim dividend
of 0.98 Euros per share was paid on
December 2 of last year. The balance of 1.63 Euros per share
will be paid on April 25, 2012.
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The Christian Dior Board of Directors met on February 2nd, 2012 to approve the financial statements for 2011.
Audit procedures have been carried out and the audit report is being issued.
* *
*Regulated information related to this press release is available at www.dior-finance.com
Certain information included in this press release is forward looking and is subject to important risks and uncertainties and factors beyond our control or ability to predict, that could cause actual results to differ materially from those anticipated, projected or implied. It only reflects our views as of the date of this presentation. No undue reliance should therefore be based on any such information, it being also agreed that we undertake no commitment to amend or update it after the date hereof.
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APPENDIX
Christian Dior - Quarterly revenues by business group (*)
2011
(Euro millions)
Christian Dior Couture
Wines & Spirits
Fashion & Leather Goods
Perfumes & Cosmetics
Watches & Jewelry
Selective
Retailing
Other activities & eliminations
Total
First quarter 221 762 2,029 803 261 1,421 (33) 5,464
Second quarter 224 673 1,942 715 315 1,410 (22) 5,257
Third quarter 260 871 2,218 793 636 1,547 (61) 6,264
Fourth quarter 295 1,218 2,523 884 737 2,058 (72) 7,643
Total revenue 1,000 3,524 8,712 3,195 1,949 6,436 (188) 24,628
2010
(Euro millions)
Christian Dior Couture
Wines & Spirits
Fashion & Leather Goods
Perfumes & Cosmetics
Watches & Jewelry
Selective
Retailing
Other activities & eliminations
Total
First quarter 180 635 1,729 736 204 1,181 (17) 4,648
Second quarter 193 667 1,787 705 239 1,238 (16) 4,813
Third quarter 221 846 1,948 805 244 1,294 (31) 5,327
Fourth quarter 232 1,113 2,117 830 298 1,665 80 6,335
Total revenue 826 3,261 7,581 3,076 985 5,378 16 21,123
(*) Amounts rounded to the nearest digit.
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