- Compagnie financiere Richemont SA
- 16 May 2025 08:44:58
Source: Sharecast
The Swiss company said it delivered a "robust" performance over the 12 months to 31 March despite a "persistently uncertain macroeconomic and geopolitical environment", with sales growth picking up in the second half.
Full-year sales were up 4% at €21.40bn, with growth coming in at 10% and 8% in the third and fourth quarters, respectively.
The jewellery division increased sales over the year by 8%, while sales in the 'Other' business unit (predominantly comprising fashion and accessories operations) rose 7%, offsetting a 13% decline in watches.
Fourth-quarter group sales totalled €5.17bn, ahead of the €5.14bn pencilled in by analysts, with jewellery sales rising by a double-digit percentage.
However, net profits from continuing operations totalled €3.76bn for the year, down from €3.82bn previously, as the operating margin fell 240 basis points to 20.9%.
The company made a €1.0bn loss from discontinued operations, mainly due to the non-cash write-down of YOOX Net-a-Porter Group – which Richemont agreed to sell to Mytheresa in October – though this was better than the €1.46bn loss from discontinued operations the year before.
Looking ahead, chairman Johann Rupert said "ongoing global uncertainties will continue to require strong agility and discipline.
"Richemont has solid foundations for sustained value creation over time, built upon our leading Maisons’ unique heritage and innovative craftsmanship, coupled with an increasingly balanced and tailored regional presence that allows us to better connect with and enchant clients."
Richemont shares were up 4.3% at CHF161.55 by 0926 in Zurich.