By Joshua Kirby
Compagnie FinanciÃ¨re Richemont’s net income increased in its 2021 fiscal year despite lower revenue, driven by core jewelry segment and sales in Asia, the company said on Friday with a dividend offer. for the year.
Net profit rose 38% to 1.29 billion euros ($ 1.58 billion) for the year at the end of March, from 931 million euros previously, the Swiss luxury conglomerate said. Revenue fell 8% to 13.14 billion euros, despite a strong sales increase in the fourth quarter.
Operating profit fell slightly to 1.48 billion euros, but the operating margin widened to 11.2%.
Analysts were forecasting net profit of 842 million euros on revenue of 12.96 billion euros, according to FactSet.
Richemont’s jewelry division contributed to performance, with slight positive sales growth over the year. By region, Asia-Pacific had the most positive performance, with sales up 19% year-on-year to â¬ 5.94 billion, including a triple-digit increase 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 [email protected]; @joshualeokirby
(END) Dow Jones News Wire
May 21, 2021 at 2:05 am ET (6:05 am GMT)
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