Swiss luxury group Richemont has released its economic results for its 2021/2022 off-year. It reports a strong increase, even described as a “record” .
The group’s overall turnover for the financial year ending in March amounted to 19.2 billion euros (19.7 billion Swiss francs). The latter increased by 46% year-on-year: a result described as “record” by the owner of Cartier.
Another sign of the exponential growth of the group’s results: the operating profit (Ebit) soared by 129.4% to 3.39 billion euros, and its net profit improved by 61% to 2.01 billion euros.
Interviewed by AWP, analysts revealed that these results were higher than their forecasts and expectations, as they estimated a turnover of 18.9 billion euros and an organic growth of 42.4%.
Finally, the group’s most important division, jewelry, recorded a 49% increase in revenue. In watchmaking, they rose by 53%: two significant increases, reflecting a very good economic year, even a “record” year for Richemont.
It is mainly the United States that has contributed to Richemont’s results at this economic level, particularly because of the worrying situation in China and the closure of 10% of Richemont’s worldwide points of sale in that country. Also, due to the war in Ukraine, the group has suspended its activities in Russia, as well as its exports and imports to and from that country.
Although the group did not really want to comment on its future 2022/2023 earnings forecasts, it nevertheless felt it was well positioned to take advantage of sustainable trends in its business segment.
Read also > WATCHES OF SWITZERLAND REPORTS VERY GOOD RESULTS FOR 2021/2022 AND OPTIMISTIC OUTLOOK
Featured Photo : © Richemont
