To view the PDF file, sign up for a MySharenet subscription.

COMPAGNIE FINANCIERE RICHEMONT SA - Richemont announces strong performance for the six-month period ended 30 September 2021

Release Date: 12/11/2021 08:00
Code(s): CFR     PDF:  
Wrap Text
Richemont announces strong performance for the six-month period ended 30 September 2021

Compagnie Financière Richemont SA
Depository Receipts issued by Richemont Securities SA
("Richemont Securities" or "Richemont" or "the Company" or "the Group")
(Incorporated in Switzerland)
Share code: CFR
ISIN: CH0045159024
Depository Receipt Code: CFR
12 NOVEMBER 2021

Richemont sales rose by strong double-digits across all business areas, channels and regions compared to the prior-year period. Sales also significantly exceeded pre-pandemic levels.

Compared to the six-month period ended 30 September 2020
•Strong double-digit increases across Maisons, businesses and channels led to half year sales up by 63% at actual exchange rates to € 8 907 million, and by 65% at constant exchange rates
•Triple-digit growth in the Americas, reaching sales levels close to Europe; substantial double-digit growth in the other regions
•Significant improvements across all business areas, led by the Jewellery Maisons and Specialist Watchmakers 
•Group operating profit of € 1 949 million, leading to a 22% operating margin
•Profit for the period rose to € 1 249 million
•Cash flow from operating activities nearly doubled to € 1 781 million

Compared to the six-month period ended 30 September 2019
•Sequential growth acceleration from first quarter to second quarter led to half year sales increases of 20% at actual exchange rates and 24% at constant exchange rates
•Pre-pandemic sales levels exceeded in most business areas, channels and regions at actual and constant rates
•Outstanding sales performance of Jewellery Maisons (+36% and +41% sales growth at actual and constant exchange rates, respectively); robust rebound of Specialist Watchmakers (+7% and +10%); consolidation of Other (-1% and +3%) and steady growth of Online Distributors (+8% and +11%)
•Solid double-digit sales increases in the Americas, Asia Pacific and Middle East and Africa, with Europe and Japan seeing a gradual recovery
•Robust double-digit sales growth in online and offline retail sales (74% of Group sales)
Key financial data (unaudited)

                                                                                                          % change 2021
Six months ended 30 September                                  2021         2020        2019          vs 2020       vs 2019
Sales                                                     € 8 907 m    € 5 478 m     € 7 397 m           +63%          +20%
Gross profit                                              € 5 638 m    € 3 165 m     € 4 610 m           +78%          +22%
Gross margin                                                  63.3%        57.8%         62.3%       +550 bps      +100 bps
Operating profit                                          € 1 949 m      € 452 m     € 1 165 m          +331%          +67%
Operating margin                                              21.9%         8.3%         15.7%     +1 360 bps     + 620 bps
Profit for the period                                     € 1 249 m      € 159 m       € 869 m          +686%          +44%
Earnings per 'A' share/10 'B' shares, diluted basis       € 2.145        € 0.281       € 1.533          +663%          +40%
Earnings per 'A' share/10 'B' shares, basic               € 2.176        € 0.281       € 1.538          +674%          +41%
Headline earnings per 'A' share/10 'B' shares, basic      € 2.181        € 0.273       € 1.540          +699%          +42%
Cash flow generated from operating activities             € 1 781 m      € 926 m       € 928 m           +92%          +92%
Net cash position                                         € 3 153 m    € 2 111 m     € 1 770 m
Please contact Computershare at if you wish to receive any documents electronically for Richemont.

This short form announcement is the responsibility of the directors of Compagnie Financière Richemont SA and is a summary of the information in the full announcement available on the Stock Exchange News Service ("SENS") at:; and on the Group's website:

This announcement does not contain full details and should not be used as a basis for any investment decision in relation to the Company's shares. The full announcement is also available for inspection, at no charge, at the Company's registered office (50 Chemin de la Chênaie, 1293 Bellevue, Geneva, Switzerland) and the office of the Sponsor during standard office hours.

Rand Merchant Bank (A division of FirstRand Bank Limited)
1 Merchant Place, Corner of Fredman Drive and Rivonia Road, Sandton, 2196
Telephone: (011) 282 8231

Date: 12-11-2021 08:00:00
Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
 the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, 
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
 information disseminated through SENS.

Share This Story