Richemont announced its audited results

Richemont, the Swiss luxury goods group, announced its audited results for the year ended 31 march 2009.
As figures go, there is an overall 2 percent sales increase, reflected in 10 percent growth for the first six months in 2008, followed by a 5 percent sales decline in the next six months, due to the global crisis. Group net profit attributable to shareholders, including continuing and discontinued operations, decreased by 31 percent to 1075 million Euro.
As far as new business ventures are concerned, collaboration with Polo Ralph Lauren took place during the event Salon International de la Haute Horlogerie.
For the current year, sales are down 19 percent in the first year, due to the international crisis. There are currently very few encouraging signs for the global picture. Also, it is unlikely that an accurate prediction can be made in relation to a possible improvement.
Cartier reported a record year for sales and profitability. High jewelry sales were particularly strong together with sales of high jewelry watches and Ballon Bleu. Profit for this area as a whole was 777 million Euro, with an increase of 2 percent.
The Group’s nine specialist watchmakers enjoyed modest growth for the year as a whole. Despite the decrease in profit and the increase in sales, the operating profit margin for the year was contained at 20 percent.
Montblanc’s sales decreased by 6 percent, in large due to the wholesale partners decision to cut back the number of points of sale. The Montegrappa business has been classified as a discontinued operation and is currently for sale.
Dunhill reported a modest decrease in sales and was close to breaking even for the second year in succession. Lancel’s sales were 8 percent lower than the prior year, reflecting lower unit volumes as it continues to move to products with higher price points and improved margins.