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The strong performance of Bulgari watches and jewelry plus TAG Heuer’s smartwatch helped drive a decent first half for LVMH.
The maker of watches including Tissot and Omega reported an 11 percent drop in sales and a 52 percent decline in net income in the first half of the year.
The company said U.S. comps were up 1 percent in its latest fiscal full year due to a higher average sales transaction and the success of its timepiece strategy.
Same-store sales fell in the United States too, with the jeweler stung by a slowdown in both tourist and domestic spending.
Despite a “choppy” retail environment, the company saw comps and total sales increase on the strength of its Ever Us collection, diamond fashion jewelry and select branded bridal.
The bead and jewelry brand cut 55 of what it’s now classifying as “multi-branded” retailers in the first quarter.
The online retailer reported that it sold a total of $56.7 million in diamond engagement rings in the United States in Q1 2016, down from $61 million in Q1 2015.
LVMH Moët Hennessy Louis Vuitton said its jewelry and watches division recorded organic revenue growth of 7 percent in its first quarter, led by a strong performance from Bulgari.
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