INTERNATIONAL. DFS Group turned in an improved third-quarter performance, majority shareholder (alongside Co-Founder Bob Miller) LVMH Moët Hennessy Louis Vuitton (LVMH) noted amid the luxury powerhouse’s nine-month and Q3 results revealed today (14 October).
DFS results are housed within LVMH’s Selective Retailing division, whose nine-month revenues grew +3% organically (flat on a reported basis) and +7% organically in Q3, boosted by the travel retailer’s enhanced showing. This represented the group’s best divisional performance for both periods (see table below).
LVMH does not break out the individual results of the Selective Retailing division (which also includes Sephora, Le Bon Marché Rive Gauche, Samaritaine, La Grande Épicerie de Paris and 24S) but said: “DFS saw revenue trends improve in the third quarter, in particular in Macau and Hong Kong, while the operational streamlining measures taken since the beginning of the year are bearing fruit.”
Those measures were laid out by DFS Group Chairman & CEO Ed Brennan in a wide-ranging interview with The Moodie Davitt Report late last year, in which pledged a combination of streamlining operations and costs while reengineering the retailer’s strategy, zeroing in on profitable locations and investing in growth opportunities.
DFS also posted a “good’ performance in Japan, particularly at its Okinawa off-shore duty-free store, LVMH said.
Groupwide, LVMH posted a -4% year-on-year organic drop in revenues (-2% reported) to €58.1 billion in the first nine months and a +1% organic rise in Q3.
Looking forward, LVMH said: “In an uncertain economic and geopolitical environment, the Group remains confident and will maintain a strategy focused on continuously enhancing the desirability of its brands, drawing on the authenticity and quality of its products, excellence in retail and agile organisation.
“LVMH will draw on its powerful brands and the talent of its teams to reinforce its global leadership position in luxury goods once again in 2025.” ✈
