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MarketScreener Homepage  >  Equities  >  Swiss Exchange  >  Compagnie Financière Richemont SA    CFR   CH0210483332

COMPAGNIE FINANCIÈRE RICHEMONT SA

(CFR)
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Compagnie Financiere Richemont : Richemont 1st Half Net Profit Misses Expectations Despite Rising Sales

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11/08/2019 | 01:42am EST

By Cristina Roca

Compagnie Financiere Richemont SA (CFR.EB) said Friday that its first-half sales rose but earnings missed analysts' expectations.

The Swiss luxury-goods group reported net profit of 869 million euros ($961.2 million) for the period to Sept. 30. This was down from EUR2.25 billion the year previous, when Richemont booked an extraordinary gain of EUR1.38 billion after purchasing online luxury retailer Yoox Net-a-Porter. Excluding this gain, net profit was broadly stable, Richemont said.

The result fell short of analysts' expectations of EUR971 million, according to a consensus estimate provided by FactSet.

The owner of Cartier and Van Cleef & Arpels said sales for the first half of fiscal 2020 rose 9% to EUR7.4 billion, slightly lower than analysts' expectations of EUR7.49 billion according to a FactSet estimate. At constant exchange rates, sales grew by 6%, Richemont said.

Sales growth was powered by the company's online distributors, which grew 32%, and jewelry division, where sales rose 8%, Richemont said. By region, sales in Japan surged 21% as shoppers purchased more ahead of a VAT tax hike. Sales in Asia Pacific, Richemont's largest region, rose 7%, with strong growth in China and Korea offsetting a double-digit decline in the Hong Kong region.

"Global events are beyond our control and while we have remained responsive to market challenges, we have also continued to invest in our Maisons, reinforcing our long term approach to developing Richemont's businesses," said Richemont Chairman Johann Rupert.

Write to Cristina Roca at cristina.roca@dowjones.com; @_cristinaroca

Stocks mentioned in the article
ChangeLast1st jan.
COMPAGNIE FINANCIÈRE RICHEMONT SA 1.82% 73.76 Delayed Quote.17.08%
REMGRO LIMITED 0.81% 181.5 End-of-day quote.-5.19%
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Financials (EUR)
Sales 2020 15 243 M
EBIT 2020 2 196 M
Net income 2020 1 654 M
Finance 2020 2 898 M
Yield 2020 2,93%
P/E ratio 2020 23,1x
P/E ratio 2021 20,9x
EV / Sales2020 2,31x
EV / Sales2021 2,19x
Capitalization 38 054 M
Chart COMPAGNIE FINANCIÈRE RICHEMONT SA
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Technical analysis trends COMPAGNIE FINANCIÈRE RICHE
Short TermMid-TermLong Term
TrendsNeutralNeutralNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 27
Average target price 74,38  €
Last Close Price 67,37  €
Spread / Highest target 35,1%
Spread / Average Target 10,4%
Spread / Lowest Target -12,2%
EPS Revisions
Managers
NameTitle
Jérôme Lambert Group Chief Executive Officer & Executive Director
Johann Peter Rupert Executive Chairman
Burkhart Grund Group Chief Finance Officer & Executive Director
Alan Grant Quasha Non-Executive Director
Jan Rupert Non-Executive Director
Sector and Competitors