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Richemont: posts lower profit, shares slide

(CercleFinance.com) - Richemont posted lower first-half profit on Friday, citing geopolitical tensions that have affected customer sentiment.
Its shares slid over 5% in Zurich this morning.

Net income for the six months ended 30 September fell to 869 million euros, from 2.25 billion euros a year earlier.

However, excluding last year's post-tax non-cash accounting gain of 1.4 billion euros on the revaluation of the Yoox Net-a-porter shares it held prior to the offer, earnings were broadly stable, the group said.

Sales increased by 9% at current exchange rates to 7.4 billion euros, and by 6% at constant exchange rates, driven by double digit sales growth in China, Korea, Japan, the US and the UK, it added.

"Overall this is a decent set of results in organic growth terms," analysts at Bernstein commented.

"The business seems still in transition, with encouraging signs in Retail and Jewelry Maisons - but with a need to maintain wholesale in check, in order to appropriately regain price discipline in watches and shift to a more direct distribution model," the broker pointed out.

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