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Richemont: towards interim earnings growth of 80%.

(CercleFinance.com) - Richemont, the Swiss luxury group that includes Cartier and Van Cleef & Arpels amongst its brands, has unveiled sharp increase in sales and earnings over H1 of its fiscal year, from April to September.

The Richemont share was however flat this morning on the Zurich Stock Exchange, although has risen by 30% since the beginning of the year.

Over the past 6 months of its fiscal year, sales rose by 10% as reported, and were up 12% at constant exchange rates, i.e. exactly in line with the first five months of the year, according to an announcement made on 13 September.

Therefore, the corresponding operating profit is expected to rise by around 45%, Richemont adds, while its income should increase by around 80%.

The group said that These increases mainly reflect the non-recurrence of the exceptional repurchases of inventories (watches, editor's note) over the previous fiscal year, the improvement of sales and the positive effect of the currencies.

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