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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.
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