Moet Hennessy - Profits Up

Healthy Cognac sales in the US has helped the wine and spirtis arm of LVMH, Moet Hennessy, see ar ise in full year profits. Profits from recurring operations in wines and spirits climbed 9% to 1.37BN/Euros, the Hennessy Cognac owner said. Net sales in the unit were up 1% to 4.19BN/Euros, while operating margins increased by three percentage points to 33%. Volumes increased in all wines and spirits categories, including Cognac, which saw volumes grow by 3%. The rise suggests Hennessy has proved more resilient to anti-gifting measures in China than rival Cognac houses. Champagne volumes increased by 1% over the year with "robust" demand fore prestige cuvees, the company said.