Compared to the six-month period ended September 30th 2020, Richemont reported strong double-digit increases across all business areas, channels and regions, resulting in sales of 8.90 billion euros, up by 63% at actual exchange rates and 65% at constant exchange rates.
The Americas achieved triple-digit growth, reaching sales levels close to those of Europe, while the other regions showed substantial growth. All business areas, mainly driven by the Jewellery Maisons and Specialist Watchmakers, recorded significant improvements. Operating profit was consolidated at 1.95 billion euros, representing a 22% operating margin. Net profit for the first half of the year amounted to 1.25 billion euros. Cash flow from operating activities almost doubled to 1.78 billion euros.
Compared to the six-month period ended September 30th 2019, the sequential growth acceleration between the first and second quarters resulted in a half-year sales increase of 20% at actual exchange rates and 24% at constant exchange rates. Pre-pandemic sales levels were exceeded in most business areas, channels and regions at both actual and constant rates. Jewellery Maisons reported exceptional sales performance (+36% and +41% sales growth at actual and constant exchange rates, respectively); robust rebounds of Specialist Watchmakers (+7% and +10%, respectively); consolidation of “Other” activities (-1% and +3%) and steady growth of Online Distributors (+8% and +11%).
Also compared to the same period of 2019, sales growth in the Americas, Asia-Pacific, Middle East and Africa is significant, while the recovery remains gradual in both Europe and Japan. Online and offline retail sales (74% of Group sales) also showed robust double-digit growth.
November 25, 2021