The Richemont Group Releases The First Half Of The 2018/19 Fiscal Year Report, With Sales Up 21% Year-on-year

On November 9, 2018, Richemont, the Swiss luxury goods group, announced its unaudited consolidated results as of September 30, 2018.

Financial Highlights
· YOOXNET-A-PORTERGROUP (YNAP) and (Watchfinder) were merged into the group account on May 1, 2018 and June 1, 2018, respectively.
· Calculated at the actual exchange rate, sales increased by 21% year-on-year to 6.808 billion euros; calculated at constant exchange rates, sales increased by 24% year-on-year.
· Online retail sales are reported separately, accounting for 14% of the group’s total sales.
Excluding YNAP and Watchfinder, sales at real exchange rates increased by 6% year-on-year, and sales at constant exchange rates increased by 8% year-on-year.
Growth in most regions and business units.
The Group’s direct-operated boutiques achieved double-digit growth, especially for watches and jewelry.
Operating profit decreased by 36 million euros year-on-year to 1.130 billion euros; acquisition and disposal related expenses were 159 million euros.
Excluding the impact of the first merger of YNAP and Watchfinder, operating margin reached 21.1%.
· Profit for the period increased to 2.253 billion euros, mainly due to non-cash gains of 1.378 billion euros after tax after revaluation of YNAP shares held before the acquisition.
The net cash position after the acquisition of YNAP and Watchfinder was EUR 1.587 billion.
Key data

6 months before 2018.9.30
6 months as of 2017.9.30

6.808 billion euros
5.620 billion euros
+ 21%

Gross profit
€ 4.256 billion
3.680 billion euros
+ 16%

Gross profit margin

operating profit
1.130 billion euros
1.166 billion euros

Operating margin

Profit for the period
2.253 billion euros
974 million euros
+ 131%

Diluted earnings per share
3.987 euros
1.721 euros
+ 132%

Operating cash flow
733 million euros
1.108 billion euros

Net cash position
1.584 billion euros
4.610 billion euros
€ 3.026 billion