Richemont, the Swiss luxury goods group, announced its audited consolidated results for the year ended 31 March 2020. Group sales for the year increased by 2% at actual exchange rates to € 14 238 million and were stable at constant exchange rates. Growth was driven by Online Distributors and Jewellery Maisons. Good performances in the Americas, Europe and Japan more than offset a decline in Asia Pacific.
Operating profit decreased by 22%, mainly due to the Covid-19 pandemic. Profit for the year declined by 67% to € 931 million. Due to the constant safeguarding of liquidity, Richemont balance sheet remains healthy. At 31 March 2020, Richemont gross cash position amounted to € 6 347 million and its net cash position was € 2 395 million.
Alex Shishlo, Editor of the Rough&Polished European Bureau
