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Richemont Net Skyrockets 22%

LONDON-First half profits at Compagnie Financiere Richemont rocketed 22 percent to 645 million euro, or $826 million, from 529 million euro, or $677 million, due to double-digit sales increases, solid margins, and tight cost-controls.<BR><BR>Sales...

LONDON-First half profits at Compagnie Financiere Richemont rocketed 22 percent to 645 million euro, or $826 million, from 529 million euro, or $677 million, due to double-digit sales increases, solid margins, and tight cost-controls.

Sales rose 16 percent to 2.3 billion euro, or $2.9 billion, from 1.9 billion euro, or $2.4 billion, in most product categories, with companies from Cartier and Van Cleef & Arpels to Dunhill and Chloe among the period’s top performers.

Executive chairman Johann Rupert said Friday Richemont’s performance for the full 2006/07 fiscal year would be “significantly ahead” of last year.


For complete coverage see Monday’s issue of WWD.