Swiss luxury goods group Richemont has announced its audited results for the year ending March 31, 2009. Overall group sales increased 2 percent, however good growth in the first six months was largely offset by lower sales in the second half of the year. For the group as a whole, operating profit declined 12%. Richemont’s specialist watchmakers saw sales increase 4% over the prior year, from €1,378,000,000 to €1,437,000,000. Sales of IWC, Vacheron Constantin and Jaeger-LeCoultre were particularly strong. All of Richemont’s long-held Maisons were profitable. However, the group incurred charges relating to the purchase of Roger Dubuis and the cost of a second SIHH in the same fiscal year. Operating results for the specialist watchmakers were €287 million versus €374 million for the prior year, reflecting a decline of 23%. The new joint venture with Polo Ralph Lauren had no impact on sales.
Richemont’s specialist watchmakers include IWC, Vacheron Constantin, Jaeger-LeCoultre, A. Lange & Söhne, Piaget, Officine Panerai, Roger Dubuis, Baume & Mercier, and Ralph Lauren Watches.
IThe complete press release can be downloaded in pdf format here.
