Richemont’s first half net profit rose by 131%
In the six month period, sales at Compagnie Financière Richemont SA increased by 21 percent at actual exchange rates and by 24 percent at constant exchange rates to 6,808 million euros. Excluding the acquisition of YNAP and Watchfinder, the company said, sales for the period increased by 8 percent at constant exchange rates, with most regions posting higher sales led by double-digit progression in the Americas and in Asia Pacific. The Group’s directly operated boutiques saw double-digit growth, both in jewellery and watches. Wholesale sales were 1 percent higher compared with the prior year period. Profit for the period rose by 131 percent to 2,253 million euros reflecting the 1,378 million euros post-tax non-cash accounting gain on the revaluation of existing YNAP shares.