Richemont: sharp rebound in sales at start of fiscal year.
(CercleFinance.com) - Richemont's sales have got off to a good start in FY 2017/2018: over the first five months - from April to August - the Swiss luxury group's revenues have increased by 10% as reported.
This represents a 12% increase excluding FX factors, 2% above the consensus, thanks to performance in the Asia-Pacific zone, and jewelry.
By geographic area, again over the first five months and at constant exchange rates, growth reached 23% in Asia (excluding Japan), was 11% in Japan, 9% in the Americas and 3% in Europe. Retail sales (+12%) were slightly better than wholesale sales (+11%). By industry, jewellery boosts growth (+17%), largely outperforming watchmaking (+7%).
Remember that 2016/2017 was much more difficult: at constant exchange rates, H1 sales were down 12%, and were still down 4% over the entire period. Excluding the effect of inventories, performance reached -2%.
Richemont's general shareholders meeting will vote today on a 2016/2017 dividend of 1.80 Swiss francs per share (+5.9%).
Copyright (c) 2017 CercleFinance.com. All rights reserved.
This represents a 12% increase excluding FX factors, 2% above the consensus, thanks to performance in the Asia-Pacific zone, and jewelry.
By geographic area, again over the first five months and at constant exchange rates, growth reached 23% in Asia (excluding Japan), was 11% in Japan, 9% in the Americas and 3% in Europe. Retail sales (+12%) were slightly better than wholesale sales (+11%). By industry, jewellery boosts growth (+17%), largely outperforming watchmaking (+7%).
Remember that 2016/2017 was much more difficult: at constant exchange rates, H1 sales were down 12%, and were still down 4% over the entire period. Excluding the effect of inventories, performance reached -2%.
Richemont's general shareholders meeting will vote today on a 2016/2017 dividend of 1.80 Swiss francs per share (+5.9%).
Copyright (c) 2017 CercleFinance.com. All rights reserved.