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
Delta Air Lines Inc. (DAL) pilots, represented by the Air Line Pilots Association International, are picketing on Friday at several airports across the country. The pilots said the picketing was to raise the sense of urgency in ongoing contract negotiations. The negotiations between the pilots... Charter Communications, and its recently acquired subsidiary Time Warner Cable, have been regularly overcharging its consumers to a tune of $7.2 million per year, according to a report from the U.S. Senate's Permanent Subcommittee on Investigations. According to the report, Time Warner Cable over-billed... Popular photo sharing network Instagram is adding a new translation button on its pages, so that the global crowd can read and enjoy the captions and comments given for the photographs uploaded. The new update will be available from next month onward.
comments powered by Disqus
Follow RTT