Richemont : Organic growth dynamic again, profitability also impressive
>Cartier Van Cleef at +21% y-o-y cc in Q2 and group profitability in H1 even better than last year - For H1 2022-23 (end-March), the group reported, with a current scope that no longer comprises YNAP (now booked under discontinued operations), sales of € 9.676bn and EBIT of € 2.723bn, which points to Q2 sales of € 5.022bn, up +19% y-o-y cc on l-f-l (after 13% in Q1) and an H1 EBIT margin of 28.1% vs 27.8% last year on comparable scope. We forecast € 9.316bn/€ 2.277bn...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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