×
43 217
Fashion Jobs
ROSS STORES
Area Loss Prevention Manager (Alpm)
Permanent · Seattle
ROSS STORES
Strategy Manager
Permanent · Dublin
FOSSIL
Manager/sr. Manager - IT Audit
Permanent · Katy
FOSSIL
Service Delivery Manager - Retail Systems
Permanent · Katy
ANN TAYLOR
Sales Manager
Permanent · Woodbridge Township
ULTA BEAUTY
Retail Sales Manager-Covington Crossing
Permanent · Covington
A & F
Senior Regional Buyer (Merchandiser) - Apac
Permanent · Union
A & F
Associate Digital Content Creator/Editor (a&f)
Permanent · Columbus
TJX COMPANIES INC.
Distribution Center Supervisor
Permanent · Pittston
TJX COMPANIES INC.
Area Operations Manager
Permanent · Lordstown
TAPESTRY
Manager, na Events
Permanent · New York
TAPESTRY
Analyst, CRM
Permanent · New York
TAPESTRY
Art Director Sale & Outlet
Permanent · New York
KOHLS
Full-Time Sales Supervisor - Hardlines
Permanent · Keystone
AEROPOSTALE
Nautica Visual Merchandising Manager
Permanent · New York
BLOOMINGDALE'S
Senior Group Sales Manager: Bloomingdale’s Chestnut Hill, Boston ma
Permanent · Chestnut Hill
BLOOMINGDALES.COM
Fine Jewelry Business Sales Manager: Bloomingdale’s Stanford, Palo Alto ca
Permanent · Palo Alto
BLOOMINGDALE'S
Visual Merchandise Manager: Bloomingdale’s King of Prussia, PA
Permanent · King of Prussia
BLOOMINGDALES.COM
Clarins Cosmetics Business Manager
Permanent · Skokie
ESTÉE LAUDER
Retail Beauty Sales Manager - Estee Lauder - (The Forum) - Norcross, ga
Permanent · Atlanta
LE LABO
Account Executive, East Coast, le Labo Fragrances
Permanent · New York
LE LABO
Account Coordinator, East Coast, le Labo Fragrances
Permanent · New York

Richemont expects profit jump as trading improves

By
Reuters API
Published
today Oct 17, 2017
Reading time
access_time 2 minutes
Share
Download
Download the article
Print
Click here to print
Text size
aA+ aA-

Cartier owner Richemont said it expects an 80 percent increase in net profit for the six months ended Sept. 30 after demand for luxury watches picked up.


IWC



Swiss watchmakers are recovering from a severe downturn in demand, mainly due to a collapse of the Hong Kong market that had prompted the world's second-biggest luxury group to buy back excess inventory of unsold watches and cut jobs and replace almost all its brand chiefs.

But Richemont, whose other brands include Vacheron Constantin and Piaget, said on Tuesday trading had improved, with constant currency sales rising 12 percent in the six-month period and by 10 percent on a reported basis, compared with a year earlier.

Operating profit is likely to rise 45 percent, reflecting the non-recurrence of the exceptional inventory buybacks in the prior year period, improved trading performance and the positive net impact of currency movements, Richemont said in a statement.

The positive profit statement signals an even better than expected margin improvement, Vontobel analyst Rene Weber said in a note, reiterating a "buy" rating on the stock.

"We expected a margin increase of 420 basis points, but now it is even at 500 basis points which will be mainly driven by the most important earnings contributor, Jewellery Maisons Cartier and Van Cleef & Arpels, which was impacted last year from watch buybacks at Cartier," Weber said.

Exane BNP Paribas' Luca Solca, who has a "neutral" rating on Richemont, said he expected "limited positive support from this confirmation – especially as no further top-line growth acceleration seems apparent".

Shares in the company were indicated to open 1.7 percent higher based on pre-market indications . Richemont shares have already risen more than 31 pct this year on expectations of a recovery.
The company is due to report half-year results on Nov. 10.

© Thomson Reuters 2020 All rights reserved.