×
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 says could do more M&A, net profit misses poll

By
Reuters API
Published
today May 18, 2018
Reading time
access_time 2 minutes
Share
Download
Download the article
Print
Click here to print
Text size
aA+ aA-

Luxury goods group Richemont said on Friday it could target strategic investments and divestments after buoyant jewelry sales made up for still sluggish watch sales, helping sales rise 8 percent in constant currency terms in its fiscal year to March.


Cartier



Luxury goods group Richemont said on Friday it could target strategic investments and divestments after organic sales rose 8 percent in constant currency terms in its fiscal year to March, helped by buoyant jewellery sales.

"Our long-term approach does not preclude us from targeting strategic investments and divestments, as we have demonstrated over the past year," the maker of Cartier jewellery and IWC watches said in a statement on Friday.

Net profit rose 1 percent to 1.221 billion euros ($1.44 billion), well below a 1.719 billion forecast in a Reuters poll of analysts, partly due to inventory buy-backs of watches of 203 million euros in 2017/18.

Sales of luxury watches have improved over the last year, after a severe downturn, but brands are under pressure to review their business models to better exploit digital sales channels and rekindle young people’s interest in traditional timepieces.

“Our long-term approach does not preclude us from targeting strategic investments and divestments, as we have demonstrated over the past year,” the maker of Cartier jewelry and IWC watches said in a statement on Friday.

The group also announced the appointment of Eric Vallat to the newly created role of Head of Fashion and Accessories Maison. He will join the group's senior executive committee, effective 1 June 2018, and will report to Jerôme Lambert, chief operating officer.

Just like luxury peers, Richemont has recently made efforts to ramp up e-commerce operations and attract younger shoppers as online sales become an important growth driver. Richemont just acquired full control of online luxury retailer Yoox Net-a-Porter

for 2.6 billion euros (2.2 billion pounds), but its digital strategy suffered a slight setback when its chief technology officer quit earlier this month after just four months on the job.

Net profit rose 1 percent to 1.221 billion euros, well below a 1.719 billion forecast in a Reuters poll of analysts, partly due to inventory buybacks of watches of 203 million euros in 2017/18.

The Geneva-based company had already resolved to undertake a 278 million euro inventory buyback in fiscal 2016/17 when a sudden fall in demand led to overcapacity and massive overstock at retailers.

It said it would propose a dividend of 1.90 Swiss francs per share, up from 1.80 francs a year ago and ahead of a forecast for 1.81 francs in the poll.

Shares were indicated to open down 3.7 percent according to premarket indications provided by Bank Julius Baer.
 

© Thomson Reuters 2020 All rights reserved.