MILANO – The colossus of jewels and Richemont luxury watches announces a first quarter of those to cancel the pandemic. Between January and March the net profit of the group it controls brands like Cartier and Iwc rose 38% to 1.2 billion euros, signaling a strong rebound in sales in the last three months of the year (+ 30%). During the entire fiscal year 2020/2021 (ended March 31) the balance remains slightly negative, but since October the music has changed and the exercise has been two-speed.
Revenues, which had fallen by a quarter in the first half of the fiscal year which coincided with the first lockdowns, then rebounded by 12% in the second half of the fiscal year. The business was driven by China and the online sales of its subsidiaries Yoox e Net-a-Porter (Ynap). In the last three months of the year (from January to the end of March), sales increased by 30%, the giant explained in a statement.
“The new fiscal year has started well – explain from the Swiss group – with a tangible acceleration in all activities in April”. Morale, the financial year that covers from April 2020 to March 2021 closes with a net result of 1.29 billion euros, an operating result down 2.6% to 1.48 billion and a turnover equal to exchange rates down 5% to 13.14 billion.
The jewelry, which contributes more than half of the group’s revenue, has surpassed pre-crisis levels. For last year, the group intends to pay a dividend of 2 Swiss francs per share, double that of last year. So far only LVMH and Hermès had reported a quarterly higher than the same period in 2019 and significantly higher than analysts’ expectations. On the Zurich Stock Exchange, Richemont’s results were celebrated with an early share rise of 5.4% to 99.74 francs.
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