P, the French luxury goods manufacturer Louis Weedon (LVMH), released its mid year financial results. It showed that although the European economy remained depressed in the first half of 2013, the group still achieved good results and was confident of its annual performance.

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< p > results show that in the first half of this year, Louis Weedon's sales amounted to 13 billion 700 million euros (US $18 billion 200 million), an increase of 6% compared to the same period last year; the pre tax profit reached 2 billion 712 million euros (US $3 billion 600 million), an increase of 2% over the same period last year; net profit of 1 billion 577 million euro (2 billion 100 million US dollars), a decrease of 6% over the same period last year.

Net profit declined because the group last year cashed its special dividend of another French luxury goods manufacturer, Hermes.

Excluding this factor, group net profit increased by 1% over the same period last year.

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< p > from the perspective of product business, the performance of Louis Weedon's boutique retail business was the most significant in the first half of the year, sales grew by 17% compared to the same period last year, and the profit before interest tax increased by 9% over the same period last year.

Sales of clocks and jewellery fell by 3% compared with the same period last year, and pre tax profit fell 2% year-on-year.

Fashion and a target= "_blank" href= "//m.pmae.cn/" > leather < /a > product business is still driven by Louis Weedon's continuous growth, the brand's operating profit margin is as high as 40%.

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Louis Weedon, chief executive officer of P group, said: "we are confident that we will continue to achieve good results in the second half of the year, and the group will continue to expand its market share". Bernard Arnaud

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"P" is the world's largest luxury goods group. It covers five major areas, including wine and spirits, fashion and leather products, perfume and cosmetics, watches and jewels, and boutique retail. It owns more than 50 internationally renowned luxury brands, including Louis Weedon, Dior, Fendi, Hennessy, Givenchy, true Li, and Guerlain.

In 2012, global sales amounted to 28 billion 100 million euros (US $37 billion 300 million), with net profit of 3 billion 400 million euros (US $4 billion 500 million).

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