COMPAGNIE FINANCIÈRE RICHEMONT SA

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Richemont Upbeat for New Year After FY22 Sales, Margins Rose Strongly

05/20/2022 | 12:22am EDT

By Joshua Kirby


Compagnie Financiere Richemont AG on Friday posted strong sales growth and profitability for fiscal 2022, despite geopolitical headwinds in the year's final quarter.

Sales for the year ended March 31 rose by 44% at constant currency to 19.18 billion euros ($20.30 billion), while operating profit more than doubled to EUR3.39 billion on a much higher operating margin of 17.7%, the Swiss luxury-goods group said. Net profit rose 61% to EUR2.08 billion.

The growth was driven by the core jewelry division, which booked 47% top-line growth and a margin of 34.4%, Richemont said.

Fourth-quarter sales saw only a slight deceleration, to 27% on-year growth, Richemont said, despite pressures from pandemic-forced store closures in China, and the Russia-Ukraine conflict. Suspension of commercial activity in Russia entailed a EUR168 million hit to operating profit for the year, Richemont said.

Despite the challenging environment ahead, the company feels secure heading into the new fiscal year, thanks in part to its EUR5.3 billion net cash position, Chairman Johann Rupert said.

Richemont will propose a dividend for the year of 2.25 Swiss francs ($2.32) an A share, along with an additional special dividend of CHF1 an A share, it said.


Write to Joshua Kirby at joshua.kirby@wsj.com; @joshualeokirby


(END) Dow Jones Newswires

05-20-22 0222ET

Stocks mentioned in the article
ChangeLast1st jan.
COMPAGNIE FINANCIÈRE RICHEMONT SA 0.49% 102.6 Delayed Quote.-25.41%
US DOLLAR / RUSSIAN ROUBLE (USD/RUB) 0.06% 53.4 Delayed Quote.-28.47%
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Financials
Sales 2023 21 010 M 22 163 M 22 163 M
Net income 2023 3 112 M 3 283 M 3 283 M
Net cash 2023 4 375 M 4 615 M 4 615 M
P/E ratio 2023 18,7x
Yield 2023 2,54%
Capitalization 57 926 M 61 103 M 61 103 M
EV / Sales 2023 2,55x
EV / Sales 2024 2,32x
Nbr of Employees 35 853
Free-Float 89,2%
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Mean consensus BUY
Number of Analysts 26
Last Close Price 101,44 €
Average target price 131,25 €
Spread / Average Target 29,4%
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Managers and Directors
Jérôme Lambert Group Chief Executive Officer & Executive Director
Burkhart Grund Group Chief Finance Officer & Executive Director
Johann Peter Rupert Executive Chairman
Ruggero Magnoni Independent Non-Executive Director
Guillaume Pictet Independent Non-Executive Director