Richemont Specialist Watchmaker Sales Up 34%

Richemont Results

On a region-by-region basis, Asia-Pacific lead the way with increases of 59% at constant rates and 46% at actual rates. The Americas did well with a constant rate increase of 41% and 26% at actual rates.

Retail sales enjoyed a higher momentum than wholesale sales thanks to a good performance in the Maisons’ (brands’) boutiques, the expansion of their retail networks, particularly in the Asia-Pacific region, and strong growth at NET-A-PORTER.

Richemont said that it expects its sales and operating profit for the first six months of this year to be significantly higher than the comparative period.

Based on the strengthening of the Swiss Franc between March 2011 and today, Richemont said the Group will incur a significant translation loss on its cash balances. Further, the accounting gain recognized in the comparative period relating to the acquisition of Net-A-Porter of €101 million will not re-occur. Accordingly, Richemont said it expects attributable profit to be broadly in line with the prior year despite a significantly higher operating profit.

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About Mike Disher

My name is Mike Disher and I am WatchTime's technical editor. My interest in watches dates to 1972 and I caught the internet bug in 1997. In 1999 I combined these interests by joining as its first full-time employee, and later that year I attended my first Basel Fair. I managed TZ from 2000-2007, and in 2008 I joined WatchTime.

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