Richemont 2Q Sales Rose Amid Rebound in Asia
11 Novembro 2022 - 3:59AM
Dow Jones News
By Joshua Kirby
Compagnie Financiere Richemont SA on Friday struck an upbeat
tone despite macro uncertainty ahead as second-quarter sales
recovered in Asia-Pacific.
The Swiss luxury-goods group, which counts jeweler Cartier among
its brands, made a net profit from continuing operations of 2.11
billion euros ($2.15 billion) in the six months to Sept. 30. At a
reported level, the company posted a net loss of EUR766 million,
accounting for a write-off from the divestment of a majority stake
in e-commerce platform Yoox-Net-A-Porter agreed in August.
Half-year sales rose 16% at constant currency to EUR9.68
billion, picking up pace from the 12% increase booked in the first
quarter, while operating profit climbed to EUR2.72 billion,
Richemont said.
Analysts had forecast group sales of EUR9.26 billion and
operating profit of EUR2.43 billion, according to a
FactSet-compiled poll of estimates.
In Asia-Pacific, Richemont's largest market, sales recovered to
a 6% increase in the second quarter, despite continued
pandemic-related pressures in Greater China, the company said.
Looking ahead, Richemont Chairman Johann Rupert noted the
macroeconomic headwinds of rising inflation and cost-of-living
pressures, but said the group was confident of weathering the
uncertain times thanks to its "clear strategy, strong Maisons, and
a robust balance sheet."
Write to Joshua Kirby at joshua.kirby@wsj.com;
@joshualeokirby
(END) Dow Jones Newswires
November 11, 2022 01:44 ET (06:44 GMT)
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