Richemont lifts dividend 5% as online platforms boost sales
By Nick Hedley - May 17th, 08:52
Richemont chair John Rupert says group sales rose 27%, 'reflecting growth across all business areas and distribution channels.'
Richemont has hiked its dividend for the year to end-March by 5% after the luxury goods company’s online platforms boosted annual sales.
The group recently made a foray into the online-distributors market with the acquisitions of luxury and fashion retailer Yoox Net-a-Porter (YNAP) and pre-owned watch platform Watchfinder.
The year to March was “one of transition and consolidation”, said Richemont chair, Johann Rupert. Richemont’s brands include Cartier and Van Cleef & Arpels.
Group sales rose 27% to €14bn, “reflecting growth across all business areas and distribution channels, Rupert said.
YNAP’s sales rose “at a double digit rate”.
Excluding YNAP and Watchfinder, group sales grew 8%.
Operating profit rose 5% to €1.9bn, falling slightly short of analyst expectations.
“Most of our markets were in positive territory, led by double-digit increases in the US and in all the main markets of Asia Pacific,” Rupert said.
Profit for the year rose to €2.8bn, including a post-tax noncash gain of €1.4bn on a revaluation of YNAP shares.
The board proposed a dividend of Sf2 ($1.98) per share, from Sf1.90 the previous year.
Rupert said Richemont’s discussions with Chinese e-commerce giant Alibaba are progressing. In October 2018, the group announced plans to establish a joint venture with Alibaba to extend the in-season offerings of YNAP to Chinese consumers.Business Live
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