Richemont strikes profit growth of 43% in 2012Thursday, 21 June 2012
Swiss Luxury goods manufacturer Richemont announcing
its annual financial status for the fiscal 2012, declared its overall sales to have increased by 29 per cent to € 8 867 million at actual exchange rates and by 30 per cent at constant currency. With an increase of 51 per cent as compared to last year, Group’s operating profit totaled € 2 040 million. While company’s operating margin reached 23 per cent of sales.
Profit for the year increased by 43 per cent to € 1 540 million. Based upon the good results for the year, the Board has proposed an ordinary dividend of CHF 0.55 per share. This represents an increase of 22 per cent compared to last year. Earnings per share increased 43 per cent to € 2.756 on a diluted basis. Cash flow generated from operations was € 1 789 million, € 93 million above the prior year. As of 31 March 2012, the Group’s net cash position amounted to € 3 184 million, an increase of € 595 million during the year.
During the year, Richemont’s network of boutiques increased by 72 around the world primarily in mainland China, while in Europe and the United States, many of the existing boutiques were renovated.
Founded in 1988 by the South African businessman Johann Rupert, Richemont’s activities and products include jewellery, fine watchmaking and premium accessories, which encompass writing instruments, leather goods and fashion.