Richemont H1 Sales +10% To $6.5B; Profit +80% To $1.1B
Swiss luxury group Compagnie Financière Richemont SA announced that sales for the six months ended September 30 had risen 10 percent at actual exchange rates in a year-on-year comparison to the previous year to €5.61 billion ($6.5 billion). Net earnings for the period were up 80 percent to €974 million ($1.1 billion).
The group owns some of the world’s most well-known luxury goods brands including Cartier, Van Cleef & Arpels, Piaget, Montblanc, Jaeger-LeCoultre, IWC Schaffhausen among others.
Among the highlights of the financial results were double digit growth in jewellery and watches, and overall double digit sales increases in mainland China, Korea, Hong Kong and the United Kingdom.
Group Chairman Johann Rupert stated, “The first half of the year’s results and cash flow on a comparative basis have been exceptional, primarily due to weak results in the prior year period. While we cannot predict the environment for the full year, it is clear that the full year results on a comparative basis will not see the exceptional level of growth reported in the period under review.”
Rupert added that in the period under review, Richemont had taken a stake in Dufry, a leading travel retail specialist listed on the Swiss stock exchange, reflecting the group’s view that travel retail spending will increase over time.
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