LVMH Posts Stable Profit as Q2 Sales Show Early Recovery

Overview

• LVMH said Monday it earned €5.7 billion in net profit for the first half of 2026 and held an operating margin of about 22.5%, beating analyst expectations.
• Group revenue for the semester was €38.6 billion, down 3% on a reported basis but up 2% on a like‑for‑like basis after a roughly 5 percentage‑point negative hit from currency moves.
• The second quarter drove the turnaround with sales roughly stable at €19.5 billion and organic growth of 3%, while fashion and leather goods posted its first quarterly comparable rise (+1%) in two years.
• Watches & jewellery and wines & spirits were the strongest segment drivers, and management credited Dior creative renewals and new Louis Vuitton flagships in Beijing and Seoul for part of the momentum.
• Regional demand improved across Asia ex‑Japan (+6% comparable), Japan (+5%) and the United States (+4%), even as Europe stayed flat and currency swings plus the Middle East conflict remain downside risks to a broader recovery.