Overview The 2024 results for LVMH slightly exceeded revenue expectations but showed a worsening deterioration in margins during the second half of the year. Key Financial Metrics vs. Bloomberg Consensus - Revenues:b€84,683 million (-1.7%) vs. €84,382 million (-2.1%) expected. - Gross Margin: €56,765 million (67.0% margin) vs. €57,540 million (68.2%) expected. - EBIT: €19,571 million (-14.2%) vs. €20,450 million (-9.4%) expected. - EBIT: €12,550 million (-17.3%) vs. €13,380 million (-11.8%) expected. - Free Cash Flow: €10,478 million (+29%) vs. €12,748 million expected. - Net Financial Debt: €9,228 million (-14%) vs. €10,746 million in 2023. Organic Revenue Growth Organic revenues increased by 1% for the year. In the fourth quarter, sales amounted to €23,930 million (+0%) vs. €23,428 million (-2.2%) expected, with organic growth of +1.0% vs. -1.0% expected. Divisional Performance - Fashion & Leather: -1% vs. -2.8% expected. - Wines & Spirits:b+8% vs. -6.9% expected....
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