Richemont Group reports 30 percent profit increase for the full year to 31st March 2013
Richemont Group, world’s second largest luxury group, reports positive financial results for the full year to 31st March 2013: sales increase of 14% to 10,15 billion euros, 30 % growth in profit to 2 billion euros and an 18% increase in operating profit to 2,42 billion euros.
According to the company statement, the Jewellery Maisons and the Specialist Watchmakers have reported remarkable growth in sales and profits, despite the continuing strength of the Swiss franc and historically high cost of precious metals and stones. Among our other Maisons, Net-a-Porter continues to enjoy sales growth above the Group average. Montblanc and the Fashion and Accessories Maisons grew in the mid-single digits, reflecting challenging conditions in their major markets.
Despite the slowdown in the Asia Pacific region and continuing uncertainty in the world economy, sales in the month of April were 13 % above the comparative period and 12 % at constant exchange rates. However, one month of sales should not necessarily be taken as an indication of the year as a whole.
The sales growth is largely attributed to the strong demand from tourism in Europe, which accounted for 36 % of overall sales, while the Americas region also remained strong throughout the year. The region enjoyed good growth, largely due to demand from tourists. Accordingly, the highest growth rates were in the Maisons’ own boutiques in tourist destinations, including the Middle East. Sales in the Asia Pacific region accounted for 41 % of the Group total, with Hong Kong and mainland China the two largest markets.