Richemont: FY profit up 1% at 1,221 million euros
(CercleFinance.com) - Richemont's revenues came in at 10,979 million euros, up 3% at actual exchange rates and up 8% at constant exchange rates.
Excluding the impact of exceptional inventory repurchases, sales were up 7% at constant exchange rates.
Revenues were buoyed by the high single-digit, growth in retail sales and double-digit growth in the Asia-Pacific region, with particularly strong growth in the group's core markets of China, Hong Kong, South Korea and Macao: Overall, the strong performance of retail sales reflects solid business in jewellery and watchmaking, the group said.
Operating income increased 5% to 1,844 million euros, and operating costs rose by 2% excluding capital gains on property recorded the previous year.
Net income rose by 1% to 1,221 million euros, while the group's operating margin increased to 16.8% (vs. 16.6%).
Copyright (c) 2018 CercleFinance.com. All rights reserved.
Excluding the impact of exceptional inventory repurchases, sales were up 7% at constant exchange rates.
Revenues were buoyed by the high single-digit, growth in retail sales and double-digit growth in the Asia-Pacific region, with particularly strong growth in the group's core markets of China, Hong Kong, South Korea and Macao: Overall, the strong performance of retail sales reflects solid business in jewellery and watchmaking, the group said.
Operating income increased 5% to 1,844 million euros, and operating costs rose by 2% excluding capital gains on property recorded the previous year.
Net income rose by 1% to 1,221 million euros, while the group's operating margin increased to 16.8% (vs. 16.6%).
Copyright (c) 2018 CercleFinance.com. All rights reserved.