Luxury goods maker Richemont May sales increase 17%

12 Jun '06

4 min read

Swiss luxury goods group Richemont announces its audited results for the year ended 31 March 2006. The Group's full year results are presented for the first time in compliance with International Financial Reporting Standards ('IFRS'). The March 2005 comparative figures presented in this document have been restated to reflect the IFRS reporting framework.

Financial highlights
- Sales increased by 17 percent to € 4 308 million.
- Underlying operating profit from the luxury goods businesses, excluding non-recurring net disposal gains, increased by 47 percent to € 713 million. Including non-recurring items, operating profit increased to € 741 million.
- Underlying net profit attributable to unitholders, including the Group's share of the results of British American Tobacco before non-recurring items, increased by 36 percent to € 1 130 million. Including the significant impact of non-recurring items in both years, net profit attributable to unitholders declined to € 1 094 million.

Sales
Sales at the Group's jewellery Maisons, Cartier and Van Cleef & Arpels, increased by 15 percent and the specialist watchmaking division reported particularly strong growth of 22 percent.

Operating profit
Excluding non-recurring net disposal gains in both periods, underlying operating profit from the Group's luxury goods businesses increased by 47 percent to € 713 million. Gains on the disposal of Hackett and on the sale and leaseback of a retail property resulted in operating profit for the year increasing to € 741 million.

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