LVMH Moet (LVMUY) Stock Down, Reports Q2 Revenue Growth

LVMH Moet Hennessy Louis Vuitton (LVMUY) reported year-over-year revenue growth for the fiscal 2016 second quarter.
By Natalie Walters ,

NEW YORK (TheStreet) -- Shares of LVMH Moet Hennessy Louis Vuitton (LVMUY) are down by 0.27% to $31.16 in mid-afternoon trading on Tuesday, after the company reported results for the fiscal 2016 second quarter earlier today. 

Revenue increased in the second quarter by 2% year-over-year to $8.568 billion, and organic revenue growth for the second quarter increased by 4% year-over-year.

For the first half of 2016, the luxury products group recorded revenue of €17.2 billion, an increase of 3% year-over-year. The Paris-based company's net profit from recurring operations for the first half of 2016 was €2.96 billion, compared to analysts expectations of €2.92 billion.

"[LVMUY's] results for the first half of 2016 reflect, more than ever, the strength of our business model, which allows us to continue to grow even during an unstable geopolitical environment and economic and monetary uncertainties," Bernard Arnault, LVMH's CEO, said. 

An interim dividend of 1.40 euro will be paid on December 1. 

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