Richemont five month results – riding high
Richemont just announced its results for the five months to Aug 2011. Sales are up by 29 % at actual exchange rates. At constant exchange rates, sales increased by 35 %. The star performer was Asia-Pacific which grew 46% at actual exchange rates. The jewellery maisons (Cartier and VC&A) did well at +34% at actual rates while watchmakers grew 28%. Montblanc (both pens, watches and accessories) is underperforming with growth of only 10%. Here is the performance breakdown:
Change at constant exchange rates versus prior year | Change at actual exchange rates versus prior year | |
Sales by region | ||
Europe | + 22 % | + 21 % |
Asia-Pacific | + 59 % | + 46 % |
Americas | + 41 % | + 26 % |
Japan | + 8 % | + 7 % |
Sales by distribution channel | ||
Retail | + 44 % | + 37 % |
Wholesale | + 27 % | + 22 % |
Sales by business area | ||
Jewellery Maisons | + 41 % | + 34 % |
Specialist Watchmakers | + 34 % | + 28 % |
Montblanc Maison | + 15 % | + 10 % |
Other | + 30 % | + 24 % |
Total | + 35 % | + 29 % |
In his statement CEO and Chairman Johann Rupert cites the global economy and strong Swiss Franc strength as reasons to be cautious and not expect similar figures for the rest of the year. He does note a net cash position of EUR2.6 billion. Might Richemont make an acquisition? – SJX
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