Richemont: a very good first half - as expected.
(CercleFinance.com) - As announced last month, this morning, Richemont, the Swiss luxury group, has unveiled H1 results that are up sharply.
At 90 Swiss francs, the Richemont stock is currently flat on the Zurich Stock Exchange, although has risen by 33% since the start of the year.
At the end of H1 2007/2018 of its non-calendar fiscal year, the group recorded sales of 5.6 billion euros. Growth recorded (+10% as reported; +12% at constant exchange rates) is identical to that reported for the five months, as reported on 13 September. Excluding last year's inventory buy-backs, growth still reaches 8% - again excluding FX factors, i.e. more than over the first five months (+7%). All regions and distribution channels were upbeat.
As previously announced on 17 October, operating income recovered by 46% to 1.2 billion euros, leading to a leap in its margin from 15.7% to 20.8%. In addition, net income soared 80% to 974 million euros, or 1.7 euros per share.
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