The luxury conglomerate LVMH Moët Hennessy Louis Vuitton closed 2020 with a profit of 8.3 billion euros.
This is 28 percent less than a year earlier, but 1.1 billion more than what analysts had previously expected.
Turnover was also lower last year, according to the annual figures presented on Tuesday.
LVMH Moët Hennessy Louis Vuitton put 44.7 billion euros in sales on its books in 2020, a 17 percent decrease compared to the same period last year.
The sale of handbags and other leather goods in the third and fourth quarters in particular ensured that damage was limited.
The bags of Louis Vuitton, Marc Jacobs, Fendi and Christian Dior, among others, attracted a lot of interest in the United States and Asia, as a result of which the turnover of the fashion division decreased by 'only' 5 percent for the full year.
The decline in turnover in the wine and spirits branch was also relatively limited at 11 percent.
The jewelry and watches business, which includes brands such as Bulgari, TAG Heuer and Hublot, performed best in the fourth quarter.