Richemont leap in profits at + 67% in the financial year 2015-2016

Richemont shares closed at the end of March, the year 2015/2016 with a net profit of 2.23 billion EUR, an increase of 67% compared to the previous year. The turnover rose by 6% to 11.1 billion euro. In local currencies, however, sales accuse a drop of 1%, as the Geneva group active in the luxury sector.

The markets of Europe, Middle East and Japan showed a good performance, offsetting the weakness in the Asia-Pacific. The strong Swiss franc weighed on the price of the watchmaking sector, which still achieved sales up 3%.

The group recently announced the suppression of a ninety jobs in the cantons of Geneva, Vaud and Neuchâtel.

For the start of the new year, and in particular for the month of April, the group announced the decline of 18% in sales. Richemont, which has proposed an enhanced coupon of 6% over last year, had closed at 0.28% loss on Thursday meeting in Zurich; from beginning of the year it has depreciated by over 12%.