Richemont expects 45 percent rise in H1 operating profit

Richemont has announced that trading for the six months ended September 30, 2017 showed sales rising 10 percent on a reported basis and 12 percent on a constant currency basis compared to the prior year period. On this basis, Richemont expects its operating profit for the period under review to post an increase of approximately 45 percent against the comparative period, while corresponding profit for the period is expected to increase by approximately 80 percent.

The company said, these increases predominantly reflect the non-recurrence of the exceptional inventory buy-backs in the prior year period, improved trading performance and the positive net impact of movements in period-end exchange rates.

For the financial year ended March 31, 2017, Richemont reported sales of 10, 647 million euros (12,537 million dollars), operating profit of 1,764 million euros (2,077 million dollars) and profit for the year of 1,210 million euros (1,424 million dollars).

Picture:Facebook/Jaeger-LeCoultre

 

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