LVMH beats forecasts with net profit up 34%

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The Paris-based luxury house which counts Dior and De Beers among its brands, revealed a 22% rise in 2011 operating profit to 5.26 billion (£4.38 billion) on sales of 23.66 billion, up 16%.

The group, which last year bought family-owned jewellery group Bulgari, brushed off concerns about the global economy and predicted 2012 will be an equally good year.

The group said that "despite an uncertain economic environment in Europe" it "enters 2012 with confidence," adding that it planned to increase the dividend to shareholders paid on last year's results by 24%."

The groups net profit, excluding a non-recurrent financial gain, was up 34% on 2010's figures.

LVMH's sales were boosted by the Asian and Far East consumer with the fastest growth in profit reported to be in its watches and jewellery businesses.

LVMH has been stake building in rival luxury goods house Hermes and its stake has now risen to 22.3%. It repeated it is only a "peaceful shareholder." But the Hermes family shareholders last year created a majority holding to prevent any proposed takeover of the family run leather goods brand.

Shares in LVMH are up almost 16% so far this year.