Richemont Group reports 52 percent growth in profit
World’s second largest luxury group, Richemont Group, owner of brands such as Cartier, Montblanc, Piaget, Chloe etc, announces an increase in sales of 21 percent to 5,106 billion euros for the six month period ended 30 September 2012, with solid growth across segments, regions and channels. Operating profit increased by 28 percent to 1,38 billion euros, benefitting from favourable currency movements. Richemont’s financial position continues to be strong, with the Group’s net cash reserves standing at 3 billion euros.
Sales at Montblanc rose by 10 percent to 334 million euros, while sales for the specialist watchmakers rose by 25 percent, reaching a level of 1,459 billion euros.
Richemont’s Fashion & Accessories Maisons saw double-digit sales growth and operating profits were in line with the prior period at € 25 million. Sales growth at Net-a-Porter is normalising but continues to exceed the Group’s average. Net-a-Porter reduced its losses during the period, but generated a positive operating cashflow.