×
4 738
Fashion Jobs
L'OREAL GROUP
Digital Manager - Professional Products Division
Permanent · London
L'OREAL GROUP
Prada Assistant Business Manager, 1.0, Selfridges London
Permanent · London
EVERLAST GYMS
General Manager - Everlast Fitness
Permanent · SOUTHPORT
EVERLAST GYMS
General Assistant - Everlast Fitness
Permanent · INVERNESS
FRASERS GROUP
Warehouse Supervisor (Evening Shift)
Permanent · SHEFFIELD
BOOHOO GROUP
1st Line Analyst
Permanent · SHEFFIELD
HARVEY NICHOLS
Brand Consultant - Moncler
Permanent · EDINBURGH
BOOHOO GROUP
Procurement Manager (Marketing)
Permanent · MANCHESTER
SUPERDRY
Retail Marketing Executive
Permanent · CHELTENHAM
ABERCROMBIE AND FITCH CO.
Wholesale, Associate Account Executive, Emea
Permanent · London
COTY
Commercial Trade Marketing Manager Beauty
Permanent · London
L'OREAL GROUP
Product Manager - Viktor & Rolf
Permanent · London
L'OREAL GROUP
Prada Business Manager, 1.0, Harrods London
Permanent · London
L'OREAL GROUP
Senior Advocacy Manager - IT Cosmetics - Ftc (Maternity Cover)
Permanent · London
L'OREAL GROUP
Brand Engagement Manager - Ysl - Luxe (Maternity Cover)
Permanent · London
SELFRIDGES
Fragrance Consultant - 37.5 Hours (Trafford)
Permanent · MANCHESTER
VF INTERNATIONAL
Warehouse Team Leader
Permanent · COALVILLE
VANS
Account Coordinator - French Speaking - Vans - Fixed Term
Permanent · NOTTINGHAM
VF INTERNATIONAL
Warehouse Inventory Manager
Permanent · COALVILLE
AESOP
Retail Consultant | Aesop Borough, London | Full Time
Permanent · London
HOMESENSE
Homesense Bolton Middlebrook Loss Prevention Security Officer Part Time 20 Hours
Permanent · Bolton
TK MAXX
Loss Prevention Officer-Full Time-Secondment-tk Maxx Brighton
Permanent · Brighton and Hove
Ads
By
AFP
Published
May 22, 2015
Reading time
2 minutes
Share
Download
Download the article
Print
Click here to print
Text size
aA+ aA-

Luxury giant Richemont sees net profit plunge

By
AFP
Published
May 22, 2015

The world's second luxury goods group Richemont confirmed Friday that its annual net profit fell by more than a third due to losses on financial instruments.

During its 2014/15 financial year, which ended on March 31, the Swiss company earned in 1.3 billion euros ($1.4 billion) in net profit, down 35 percent from a year earlier, it said.

Cartier


The drop was slightly less than the 36-percent decline Richemont signalled in a profit warning last month, but in line with the expectations of analysts polled by the AWP financial news agency.

The company warned in April that "non-cash, mark-to-market losses on financial instruments, which include monetary items and derivatives."

Multinationals often use financial instruments to try to protect themselves against changes in exchange rates in the different countries they operate, but unexpected changes can lead to losses.

The Geneva-based group, which owns top global brands like Cartier, Piaget and IWC, meanwhile said its sales had inched up four percent in during the year to 10.4 billion euros.

The rise, which was only one percent in constant exchange rates, reflected "growth in jewellery, haute horlogerie and steel watches, as well as growing demand in Europe, the Middle East and the Americas," it said.

The amount however fell short of analyst expectations that Richemont sales during the year would tick in at 10.9 billion euros.

And the company said its operating profit swelled 10 percent to 2.7 billion euros -- slightly better than analyst expectations -- boosted especially by its sale of an investment property.

Richemont said its sales in April had ballooned nine percent in actual exchange rates compared to the same month last year, but that they slumped eight percent at constant exchange rates.

Richemont's board said it would stick to its aim of gradually increasing the company's dividends over time, and would propose for the financial year 2014/15 dishing out 1.60 Swiss francs ($1.70, 1.50 euros) per share to shareholders, up from 1.40 a year earlier.

Following the news, the company saw its share price slump 1.73 percent to 85.35 Swiss francs a piece in morning trading as the Swiss stock exchange's main SMI index slipped just 0.1 percent.

Copyright © 2023 AFP. All rights reserved. All information displayed in this section (dispatches, photographs, logos) are protected by intellectual property rights owned by Agence France-Presse. As a consequence you may not copy, reproduce, modify, transmit, publish, display or in any way commercially exploit any of the contents of this section without the prior written consent of Agence France-Presses.