logo
Share SHARE
FONT-SIZE Plus   Neg

Richemont Full-year Profit Grows; To Buy Back Shares - Quick Facts

Swiss luxury goods group Compagnie Financiere Richemont SA (CFRUY.PK) posted higher full-year profit attributable to owners of the parent company of 1.54 billion euros, compared with the prior year's 1.09 billion euros, with earnings per share rising to 2.756 euros from 1.925 euros a year ago.

Headline earnings for the year climbed to 1.55 billion euros or 2.77 euros per share from 1.0 billion euros or 1.77 euros per share in the previous year. Operating profit totaled 2.04 billion euros, up 51 %, versus 1.35 billion euros in the comparable period, reflecting the significant increase in gross profit and continuing cost discipline.

Sales went up 29%, at actual exchange rates, to 8.87 billion euros from 6.89 billion euros last year, and up by 30% at constant currency. The company's sales growth reflected the continuing demand for established product lines, the successful introduction of new products and the impact of boutique openings.

The company said, though it is aware of the unstable economic environment, particularly in the euro zone, it looks forward to the future with cautious optimism.

The board has also proposed an ordinary cash dividend of CHF 0.55 per share, representing an increase of 22% from the year earlier period.

Separately, Richemont announced a programme to buy back up to 10 million Richemont 'A' shares via. the market over the next 2 years, representing 1.7 % of the capital and 1.0 % of the voting rights of Compagnie Financière Richemont SA.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
PayPal has agreed to buy Xoom, a digital money transfer provider, for $890 million in cash. Following the announcement, Xoom shares jumped 22 percent in after-hours trade on the Nasdaq. Discount retailer Family Dollar Stores Inc., which is being acquired by rival Dollar Tree Inc., said Wednesday after the markets closed that its third quarter profit fell slightly from last year, due mainly to a higher effective tax rate. The company's quarterly earnings per share, excluding items, also came in below analysts' expectations. Diplomatic ties have been restored, so Cuba will surely see an influx of massive cruise ships and curious Americans.
comments powered by Disqus
Follow RTT