Richemont 1st Half Net Profit Soars on Strong Growth

By Euan Conley Features Dow Jones Newswires

Richemont SA (CFR.EB) said on Friday that its first-half profit had jumped 80%, bolstered by strong growth across all of its divisions.

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Net profit at the Swiss luxury-goods company for the six months ended Sept. 30 rose to 974 million euros ($1.13 billion) from EUR540 million during the same period a year earlier. Half-year operating profit was EUR1.17 billion.

Revenue for the half-year period rose 10% to EUR5.61 billion, with Richemont citing strong sales at the jewelry maisons segment and double-digit growth in China, Hong Kong and the U.K.

"While we cannot predict the environment for the full year, it is clear that the full-year results on a comparative basis will not see the exceptional level of growth reported in the period under review," Johann Rupert, Richemont's chairman, said.

The Switzerland-based owner of Cartier jewelry and watches had said in October that it expected an 80% rise in its first-half net profit and operating profit to increase by 45%.

Richemont on Friday also said on Friday that it had appointed Jerome Lambert as chief operating officer.

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Write to Euan Conley at euan.conley@dowjones.com

(END) Dow Jones Newswires

November 10, 2017 01:55 ET (06:55 GMT)