Richemont : Fairly reassuring full-year results, jewellery in great shape in US and Europe
>Jewellery Maisons at +3% in Q4 and FY margins in line with expectations, make a pretty favourable impression (no unpleasant surprises) - The group reported full-year sales of € 20.616bn (vs our forecast of € 20.564bn) with EBIT of € 4.794bn, or a margin of 23.3% after 25.2% in the previous year (we forecast € 4.776bn or a margin of 23.2%) and our forecasts were close to the consensus. Sales showed growth of 2% on cc in Q4 (we were at +0%) with Jewellery Maisons at +...Compagnie Financiere Richemont is engaged in the luxury goods market. Co.'s interests encompass some names such as Cartier, Van Cleef & Arpels, Piaget, Vacheron Constantin, Jaeger-LeCoultre, IWC, Alfred Dunhill, Montblanc and Net-a-Porter. Co.'s luxury goods businesses are separated into four segments: Jewellery Maisons (design, manufacture and distribution of jewellery products), Specialist Watchmakers (design, manufacture and distribution of precision timepieces), Montblanc Maison (design, manufacture and distribution of writing instruments) and Other Businesses (Alfred Dunhill, Lancel, ChloA(c), Net-a-Porter, Purdey, textile brands and other manufacturing entities).
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