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.

Continue Reading Below

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.

Continue Reading Below

Write to Euan Conley at

(END) Dow Jones Newswires

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