Richemont: Strong increase in sales and profits in the year

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Compagnie Financière Richemont announced strong sales and profitability growth for the year 2022, despite geopolitical problems in the last quarter of the year.

Sales for the year to March 31 increased 44% at a fixed exchange rate to 19.18 billion Euros, while operating profits more than doubled to 3.39 billion Euros with a much higher operating margin at 17.7%.

Net profit rose 61% to 2.08 billion euros.

The increase is attributed to the main jewelry department of the company, which showed an increase of 47% in revenue and a margin of 34.4%.

Quarter sales slowed slightly, rising 27% year-on-year, despite pressure from store closures in China and the Russia-Ukraine conflict.

The suspension of commercial activity in Russia led to a blow of 168 million euros in operating profit for the year.

Despite the difficult environment that is expected, the company feels safe for the new year, thanks in part to its net cash position of 5.3 billion euros, the president said.

Richemont will offer a dividend of 2.25 Swiss francs ($ 2.32) per share.

Source: Capital

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