Richemont net profits up 35 per cent

Richemont's net is up 35 per cent. https://www.richemont.com/

The luxury goods group, Richemont, said on Monday that group profits rose 35 per cent for the first six months of its business year to the end of September.

Net earnings increased to SFr712 million ($396 million) compared with SFr616 million over the same period last year. Sales totalled SFr2.55 billion compared with SFr2.27 billion the previous year.

But the company was cautious about prospects for the rest of the year.

“At this time it is very difficult to make predictions as to the likely performance of the group in the coming six month period,” said a statement. It added that sales remained generally strong but wholesale sales in September and October slowed.

It also noted that performance last year had been exceptional, setting tough conditions for year-on-year comparison.

The pre-Christmas period is crucial for Richemont’s year-end figures. The group said it would release information in mid-January summarising December’s performance.

swissinfo with agencies