Richemont: H1 earnings fall to E159m, but share soars
(CercleFinance.com) - The luxury group has reported H1 revenues that are down 26% at real exchange rates to 5,478 million euros at 30 September 2020 and down 25% at constant exchange rates.
Q2 sales fell by 5% at real exchange rates and were down 2% at constant exchange rates, picking up after a 47% drop (at real and constant exchange rates) in the first quarter.
Sales in China, which rose by 78% at real exchange rates, limited the single-digit decline in Asia-Pacific and partially offset double-digit declines in Europe, the Americas and Japan.
Jewellery showed strong resistance with 4% sales growth in the second quarter at real exchange rates and 7% at constant exchange rates.
The group's operating income fell to 452 million euros, with an operating margin of 8.3%, with earnings over the period tumbling 82% to 159 million euros (compared to 869 million euros in the same period last year).
However, these results were clearly ignored - the share is up 10% in early trading on Friday.
Copyright (c) 2020 CercleFinance.com. All rights reserved.
Q2 sales fell by 5% at real exchange rates and were down 2% at constant exchange rates, picking up after a 47% drop (at real and constant exchange rates) in the first quarter.
Sales in China, which rose by 78% at real exchange rates, limited the single-digit decline in Asia-Pacific and partially offset double-digit declines in Europe, the Americas and Japan.
Jewellery showed strong resistance with 4% sales growth in the second quarter at real exchange rates and 7% at constant exchange rates.
The group's operating income fell to 452 million euros, with an operating margin of 8.3%, with earnings over the period tumbling 82% to 159 million euros (compared to 869 million euros in the same period last year).
However, these results were clearly ignored - the share is up 10% in early trading on Friday.
Copyright (c) 2020 CercleFinance.com. All rights reserved.