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Johannesburg - Swiss-based luxury goods group Richemont Securities [JSE:RCH] on Friday reported a 37% increase in sales to €3.259bn, or by 27% at constant exchange rates for the six months ended September 2010. Excluding the impact of Net-a-Porter.com, sales increased by 22% at constant exchange rates.
Operating profit increased by 95% to €760m, while cash flow generated from operations was €598m compared with €321m in 2009.
Earnings per share rose 84% to €1.144 from €0.621 a year ago.
Johann Rupert, executive chairperson and CEO, said the good performance in the first half was driven by a marked improvement in all business areas and across all geographies compared to the depressed levels seen last year.
"Richemont's Maisons were able to benefit fully from this improved trading environment, further enhancing their leading positions in jewellery, watchmaking, writing instruments and accessories. The geographic reach of the businesses, linked to the group's efficient logistics infrastructure, has allowed the group to report a substantial increase in profit for the period, demonstrating the operating leverage of its business model," he said.
Operating profit increased by 95% to €760m, while cash flow generated from operations was €598m compared with €321m in 2009.
Earnings per share rose 84% to €1.144 from €0.621 a year ago.
Johann Rupert, executive chairperson and CEO, said the good performance in the first half was driven by a marked improvement in all business areas and across all geographies compared to the depressed levels seen last year.
"Richemont's Maisons were able to benefit fully from this improved trading environment, further enhancing their leading positions in jewellery, watchmaking, writing instruments and accessories. The geographic reach of the businesses, linked to the group's efficient logistics infrastructure, has allowed the group to report a substantial increase in profit for the period, demonstrating the operating leverage of its business model," he said.
