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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

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