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Richemont Slips To Loss In H1, Sales Climb; Patricia Gandji Joins Senior Executive Committee

Swiss luxury goods group Compagnie Financiere Richemont AG (CFRUY.PK) reported Friday that its first-half loss was 766 million euros, compared to last year's profit of 1.25 billion euros.

Loss per 'A' share/10 'B' shares was 1.337 euros, compared to earnings of 2.145 euros a year ago.

The latest results included 2.9 billion euros loss from discontinued operations primarily resulting from 2.7 billion euros non-cash write-down of YNAP net assets.

Profit for the period from continuing operations climbed 40 percent to 2.11 billion euros from 1.50 billion euros last year. Earnings per share from continuing operations were 3.665 euros.

Operating profit from continuing operations increased 26 percent.

Sales grew 24 percent to 9.68 billion euros from 7.79 billion euros last year. Sales grew 16 percent at constant exchange rates, with double-digit increases at actual exchange rates across all business areas and channels.

The company recorded improved momentum in Asia Pacific with sales up 3 percent. Growth momentum was led by retail with 30 percent rise in sales, representing 67 percent of Group sales.

Separately, Richemont announced that Patricia Gandji will join the Group's Senior Executive Committee in her capacity as Chief People Officer and CEO of Regions, with effect from today.

Gandji will continue to report to Jérôme Lambert, Chief Executive Officer of Richemont and a Director on the Board of Compagnie Financière Richemont SA.

In 2017, Gandji joined Richemont in Geneva as Group CEO of Regions and, in 2020, expanded her role to ultimately take on the responsibility of Chief People Officer.

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