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Richemont reports annual profits down 67% to € 931 millions

Richemont reports annual profits down 67% to € 931 millions

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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.

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Featured photo : © Richemont

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