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Richemont, who reported annual profits down two thirds on Friday, said it saw strong demand in China but said it expected overall turmoil in the coming months due to the coronavirus crisis.
The number two world luxury, owner of Cartier and Van Cleef & Arpels, released on the annual exercise ended at the end of March an operating profit in decline of 67% to 931 million euros, against a consensus of analysts who predicted 1.29 billion. Revenues, up 2% to 14.238 billion euros, on the other hand are in line with estimates.
According to the Swiss group, also the owner of the Piaget, IWC and Vacheron Constantin watchmakers, the comparison over the last financial year is partly unfavorable because the previous annual financial year was improved by an exceptional after-tax gain of 1.4 billion euros. Without this element, the drop would have been only 34%.
The watchmaking division suffered the most with an operating profit down 20% and a turnover down 4% over the past year. Jewelry, the group’s main division, held up better with sales up 2% and operating profit down 7%.
Richemont said it’s starting to see signs of improvement, especially in China, where the coronavirus epidemic emerged in December, before spreading to the rest of the world. “Since the reopening of our 462 stores in China, we have seen strong demand,” said the group.
Johann Rupert, the group’s president, however expects the impact of the crisis to continue for the rest of the year.
“The closure of our internal and external points of sale, the change in attitude towards consumption and the low consumer morale will weigh on this year’s results,” he said, adding that it was impossible to make meaningful forecasts at this stage.
On the Zurich Stock Exchange, the Richemont share gained 0.3% in initial trade.
Read also > WATCHMAKING: THE BEST OF WATCHES & WONDERS 2020 IN 5 WATCHES
Featured photo : © Richemont
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Richemont, who reported annual profits down two thirds on Friday, said it saw strong demand in China but said it expected overall turmoil in the coming months due to the coronavirus crisis.
The number two world luxury, owner of Cartier and Van Cleef & Arpels, released on the annual exercise ended at the end of March an operating profit in decline of 67% to 931 million euros, against a consensus of analysts who predicted 1.29 billion. Revenues, up 2% to 14.238 billion euros, on the other hand are in line with estimates.[/vc_column_text][vc_cta h2=”This article is for subscribers only.” h2_font_container=”font_size:16″ h2_use_theme_fonts=”yes” h4=”Subscribe now!” h4_font_container=”font_size:32|line_height:bas” h4_use_theme_fonts=”yes” txt_align=”center” color=”black” add_button=”right” btn_title=”I SUBSCRIBE!” btn_color=”danger” btn_size=”lg” btn_align=”center” use_custom_fonts_h2=”true” use_custom_fonts_h4=”true” btn_button_block=”true” btn_custom_onclick=”true” btn_link=”url:https%3A%2F%2Fluxus-plus.com%2Fen%2Fabonnements-et-newsletter-2%2F|||”]Unlimited access to all the articles and live a new reading experience, preview contents, exclusive newsletters…
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Richemont, who reported annual profits down two thirds on Friday, said it saw strong demand in China but said it expected overall turmoil in the coming months due to the coronavirus crisis.
The number two world luxury, owner of Cartier and Van Cleef & Arpels, released on the annual exercise ended at the end of March an operating profit in decline of 67% to 931 million euros, against a consensus of analysts who predicted 1.29 billion. Revenues, up 2% to 14.238 billion euros, on the other hand are in line with estimates.[/vc_column_text][vc_cta h2=”This article is for subscribers only.” h2_font_container=”font_size:16″ h2_use_theme_fonts=”yes” h4=”Subscribe now!” h4_font_container=”font_size:32|line_height:bas” h4_use_theme_fonts=”yes” txt_align=”center” color=”black” add_button=”right” btn_title=”I SUBSCRIBE!” btn_color=”danger” btn_size=”lg” btn_align=”center” use_custom_fonts_h2=”true” use_custom_fonts_h4=”true” btn_button_block=”true” btn_custom_onclick=”true” btn_link=”url:https%3A%2F%2Fluxus-plus.com%2Fen%2Fabonnements-et-newsletter-2%2F|||”]Unlimited access to all the articles and live a new reading experience, preview contents, exclusive newsletters…
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