Compagnie Financiere Richemont AG (CFRUY.PK), the Swiss luxury goods group known as Richemont, Thursday said annual profit climbed 30 percent from last year, amid a 14 percent growth in sales.
Further, Johann Rupert, Chairman, said he plans to take a twelve-month sabbatical after the 25th annual general meeting in September. ''During my absence, Mr Yves-André Istel, Deputy Chairman, will Chair meetings of the Board of Directors,'' Rupert said.
Profit attributable to owners of the parent company increased to 2.013 billion euros ($2.59 billion) from 1.544 billion euros in the prior year. The previous year results have been re-presented for changes in accounting policies.
The latest results included 120 million euros of mark-to-market losses related to currency hedging program, compared to losses of 98 million euros last year.
Further, last year, the Swiss franc's appreciation against the euro generated reported non-cash losses of 169 million euros in respect of investments in euro-denominated liquid bond funds held by a Swiss franc entity. In the just concluded year, non-cash gains on these investments totaled 19 million euros.
Headline earnings were 2.02 billion euros, while it totaled 1.55 billion euros last year.
Operating profit increased 18 percent to 2.426 million euros and operating margin advanced 80 basis points to 23.9 percent.
Sales climbed 14 percent to 10.15 billion euros from 8.87 billion euros. The growth was 9 percent on a constant currency basis.
Segment-wise, The Jewellery Maisons' sales grew 13 percent to 5.206 billion euros. Both Cartier and Van Cleef & Arpels generated remarkable results in the year.
The Specialist Watchmakers' sales increased 18 percent to 2.752 billion euros, reflecting growing worldwide interest in haute horlogerie.
Richemont attributed the annual sales growth to its own retail network, supported by strong demand from tourism in Europe where sales climbed 17 percent to 3.61 billion euros.
Asia Pacific sales were 13 percent higher at 4.162 billion euros with Hong Kong and mainland China being the two largest markets.
Sales climbed 18 percent in the Americas to 1.473 billion euros, showing strength throughout the year and posted a third successive year of double-digit growth.
Retail sales, comprising directly operated boutiques and Net-a-Porter, increased 17 percent to 5.44 billion euros.
Wholesale sales, which includes sales to franchise partners, were 12 percent higher at 4.71 billion euros.
Based upon the good results for the year, the Board has proposed a dividend of 1.00 francs per share.
Richemont said sales in April increased 13 percent and were 12 percent higher at constant exchange rates, in spite of the slowdown in the Asia Pacific region and continuing uncertainty in the world economy.
The stock advanced 2.8 percent on Wednesday to settle at 82.55 euros.
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