Richemont Group results

The group’s sales for the first half of the financial year ending September 30th amounted to €5.48 billion, down 26% at actual exchange rates and 25% at constant exchange rates.

In the second quarter, sales were down 5% at actual exchange rates (2% at constant exchange rates) following a 47% decline in the first quarter (at actual and constant exchange rates).

A 78% increase in sales in China (at actual exchange rates) helped to limit the single-digit decline in Asia-Pacific and to mitigate the double-digit decline in Europe, the Americas and Japan.

Overall online sales were down 4% at actual exchange rates, while those of the Maisons enjoyed triple-digit growth and now represent 7% of group sales, excluding Online Distributors.

The jewellery Maisons showed resilience and returned to growth in the second quarter, with sales up 4% at actual exchange rates (7% at constant exchange rates), and their operating margin stood at 30.1% in the first half.

Operating profit declined to €452 million, resulting in an operating margin of 8.3%; net profit was €159 million, down from the first half of the previous year.

November 26, 2020