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

COMPAGNIE FINANCIÈRE RICHEMONT (CFR)
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Compagnie Financiere Richemont : Richemont 3Q Revenue Rises as Expected Despite Yellow-Vest Headwind

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01/11/2019 | 01:40am EST

By Cristina Roca

Compagnie Financiere Richemont SA (CFR.EB) said Friday that its third-quarter revenue grew in the double digits, delivering results in line with expectations despite headwinds in some of its markets.

The Swiss company said revenue for the third quarter was 3.92 billion euros ($4.52 billion), up 25% from EUR3.13 billion for the same period the year earlier.

The result falls squarely in line with analysts' expectations, who had seen the luxury-goods company's third-quarter revenue at EUR3.92 billion, according to a consensus estimate provided by FactSet.

Excluding the Yoox-Net-A-Porter and Watchfinder online businesses, which Richemont acquired last year, revenue was up 6% year on year, the company said.

The maker of Cartier said Yoox-Net-A-Porter, its luxury-goods e-commerce business, posted double-digit growth and had a solid performance, but didn't provide more concrete figures. "Watchfinder's sales expanded more moderately," Richemont added.

The Swiss luxury group said sales grew in all regions except the Middle East and Europe, mentioning the "yellow vest" movement in France, which led to store closures on six consecutive Saturdays, as well as the 2018 disposal of its Lancel leather goods brand as weighing unfavorably on its results. Third-quarter sales in mainland China, meanwhile, grew in the double-digits during the third quarter, Richemont said.

The Swiss watchmaker said the third quarter was broadly in line with the positive trends seen during the first six months of the fiscal year ending March.

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

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Financials (€)
Sales 2019 13 853 M
EBIT 2019 2 167 M
Net income 2019 2 279 M
Finance 2019 2 944 M
Yield 2019 3,12%
P/E ratio 2019 14,04
P/E ratio 2020 17,45
EV / Sales 2019 2,03x
EV / Sales 2020 1,84x
Capitalization 31 122 M
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Mean consensus OUTPERFORM
Number of Analysts 27
Average target price 72,9 €
Spread / Average Target 22%
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Managers
NameTitle
Jérôme Lambert Group Chief Executive Officer, COO & Director
Johann Peter Rupert Executive Chairman
Burkhart Grund Chief Financial Officer & Director
Alan Grant Quasha Non-Executive Director
Jan Rupert Non-Executive Director
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