CFRUY Compagnie Financiere Richemont (PK)

   By Joshua Kirby 
 

Compagnie Financiere Richemont's net profit grew in its fiscal year 2021 despite a decline in revenue, driven by the core jewelry segment and Asia sales, the company said Friday as it proposed a dividend for the year.

Net profit rose by 38% to 1.29 billion euros ($1.58 billion) in the year to end-March, from EUR931 million previously, the Swiss luxury-goods conglomerate said. Revenue slipped by 8% to EUR13.14 billion, despite a big jump in fourth-quarter sales.

Operating profit fell slightly to EUR1.48 billion, but the operating margin widened to 11.2%.

Analysts had forecast net income of EUR842 million on revenue of EUR12.96 billion, according to FactSet.

Richemont's jewelry division helped drive performance, with slight positive sales growth on the year. By region, Asia-Pacific saw the most positive performance, with sales up 19% on year at EUR5.94 billion, including an increase in the triple digits in the last quarter, Richemont said.

The company will propose a dividend of 2 Swiss francs ($2.23)per A share or per 10 B shares.

Write to Joshua Kirby at joshua.kirby@wsj.com; @joshualeokirby

(END) Dow Jones Newswires

May 21, 2021 02:05 ET (06:05 GMT)

Compagnie Financiere Ric... (PK) (USOTC:CFRUY)
Historical Stock Chart
From Dec 2024 to Jan 2025

Compagnie Financiere Ric... (PK) (USOTC:CFRUY)
Historical Stock Chart
From Jan 2024 to Jan 2025