Richemont increases its sales by 9% but profit sinks in first half

Richemont profitability sinks in first half. The Swiss holding, owner of companies like Cartier or Montblanc, amongst others, has ended the first six months of the fiscal year with a net profit of 869 million euros, 61% less than the same period a year ago.

Profit for the period of 869 million dollars, broadly stable when excluding the prior year period’s post-tax noncash gain of 1.3 billion on the revaluation of the Yoox Net-a-Porter shares held prior to buy-out.

Richemont online sales grew 28% in first quarter. Sales in Japan increased 13%. In Europe, its local market, the company has raised its turnover by 7%, while in America and Asia Pacific it has grown 5% and 6%, respectively.