Richemont Sees Strong Rises in Sales, Profits
June 09, 05
Swiss luxury goods company Richemont reported a sharp rise in full-year operating profit of €505 million ($623 million), up 71 percent from €296 million a year earlier, boosted by strong demand for expensive jewelry and watches.
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The firm said sales grew 15 percent at actual exchange rates in April and May, helped in particular by the watch business -- but that this rate would not necessarily be sustained in the full year.
Sales for the full year rose 10 percent to €3.717 billion ($4.55 billion) to reach the second highest figure in the company's history.
Richemont said its Jewellery Maisons, Cartier and Van Cleef & Arpels, units saw their combined turnover rise by 8 percent to €1.956 billion ($2.39 billion). Cartier has performed strongly in all markets with double-digit growth in underlying sales in all regions, with the exception of
The firm, which competes with LVMH, the world's largest luxury goods group, and Bulgari, said its watchmakers had an "excellent year", with most of them posting double digit increases in sales and seeing strong demand in all regions. Particularly strong growth was seen in the Asia-Pacific region and in the
Richemont, which said it foresees a good year ahead, is proposing a total payout of one euro per share.