By Joshua Kirby
Compagnie Financiere Richemont SA posted results for its fiscal year to March 31 on Friday. Here's what we watched:
SALES: Richemont booked FY 2021 sales that fell 8% to 13.14 billion euros ($16.07 billion), ahead of FactSet-compiled analyst consensus of EUR12.96 billion.
NET PROFIT: Coming in at EUR1.29 billion, net profit was well above both consensus expectations of EUR842 million, and last year's figure of EUR931 million.
WHAT WE WATCHED:
--JEWELRY SHINES: Richemont's Jewellery Maisons drove its consensus-beating fourth-quarter and full-year results. A high double-digit increase in the last quarter left sales at the segment--which includes brands Cartier and Van Cleef & Arpels--slightly up on the year, against an overall decline of 8%.
--MARGIN: An improving operating margin helped Richemont book higher profits on declining revenue. Group margin increased by 50 basis points to 11.2%, with the jewelry-division margin climbing to 31%--almost the same level as before the pandemic.
--ONLINE DISTRIBUTORS: Sales fell 9% to EUR2.2 billion in the online-distributor business, which again booked an operating loss at EUR223 million, slightly narrower than the previous year.
Write to Joshua Kirby at joshua.kirby@wsj.com; @joshualeokirby
(END) Dow Jones Newswires
05-21-21 0401ET