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French luxury goods giant LVMH on Thursday posted a sharp gain in profit and record sales for 2012, bucking poor economic conditions in Europe with solid growth in markets across the globe.
Net profit was up 12 percent on 2011, at 3.42 billion euros, while sales rose 19 percent to a never seen 28.1 billion euros ($38 billion), though this was slightly below analyst expectations.
LVMH, whose assets include jeweller Bulgari, the fashion house Christian Dior and a string of top champagne and spirits brands, said all of its business groups saw excellent momentum in Europe, Asia and the United States with brand Louis Vuitton performing well in particular.
Bernard Arnault, Chairman and CEO of LVMH, said: "2012 was another remarkable year for LVMH, especially in the context of the economic slowdown in Europe."
The company said organic revenue growth (stripping out the effect of acquisitions) was 9 percent and that its brands were growing particularly rapidly in Europe, Asia and the United States.