16 maj: Societe Generale To Limit Job Cuts At CIB Unit In France - Report
16 maj: BG Group: Mzia-1 Exploration Well, Offshore Tanzania Discovers Ga..
16-05-2012 08:09:00

Richemont Launches Share Buyback, Says Luxury Demand Robust

Relateret indhold
17 apr - 
Luksusmærker i fremgang

By John Revill


ZURICH -(Dow Jones)- Switzerland's Compagnie Financiere Richemont SA (CFR.VX) Wednesday said it was launching a share buyback, as it reported robust fiscal-year profit growth, with sales in April continuing to grow apace.

The owner of Cartier and Piaget among other luxury brands said it wanted to buy up to 10 million shares, representing 1.7% of its capital, over the next two years.

Richemont said sales in April rose 29% on year, slightly slower than the 32% rate of a year earlier.

The figure is being watched keenly by observers seeking signs that the recent boom in luxury spending is waning.

Despite the increase, Richemont remained cautious about the future, saying it is "mindful of the unstable economic environment, particularly in the euro zone."

The luxury industry has enjoyed massive growth in the past two years, fueled by strong demand for watches and jewelry, particularly in China, which now accounts for about a third of global sales of Swiss watches.

Like with other companies such as Swatch Group AG (UHR.VX) and LVMH Moet Hennessey Louis Vuitton (MC.FR), China is an increasingly important market in its own right, as well as the home of luxury-hungry tourists visiting struggling markets like Europe.

But last week, China reported that its industrial output growth slowed significantly in April to its lowest level since May 2009, adding to worries about a slowdown in the world's No. 2 economy.

Value-added industrial output in China rose 9.3% in April from a year earlier, slowing sharply from a 12% increase in March, data from the National Bureau of Statistics showed Friday.

Nevertheless, Geneva-based Richemont, which also owns the Piaget and IWC brands, reported record profit and sales in the 12 months to March 31.

Net profit attributable to shareholders rose to EUR1.54 billion, from EUR1.09 billion a year earlier, beating forecasts of EUR1.37 billion in a Dow Jones Newswires poll.

Revenue rose 29% to EUR8.87 billion, beating expectations of EUR8.61 billion.

Chief Executive Johann Rupert said: "Our Maisons [divisions] remain entrepreneurial and innovative businesses at heart. More than ever, we are convinced of their resilience and long-term prospects. We therefore look forward to the future with cautious optimism."

Richemont shares closed Tuesday at CHF53.35, valuing the company at CHF27.85 billion. The stock has gained 12% in value since the start of the year.

- By John Revill, Dow Jones Newswires; +41 43 443 8042 ; john.revill@dowjones.com

(END) Dow Jones Newswires

May 16, 2012 02:09 ET (06:09 GMT)

Copyright (c) 2012 Dow Jones & Company, Inc.

Opret kommentar

Relateret debat

  • 1 uge
  • 1 måned
  • 1 År
Ingen indlæg

Maersk Line søsætter prisstigning efter nyt ratedyk - bureau

17-10-2014 15:49:20
Efter et mislykket forsøg på at hæve raterne denne uge, forsøger Maersk Line igen at få kunderne til at betale mere for at få fragtet containere fra Asien til E..

GE Wind øgede salget og ordreindgangen

17-10-2014 13:13:40
Der var fremgang at mærke for General Electrics vindmølledivision, GE Wind, i tredje kvartal.GE Wind er en af Vestas' største konkurrenter, især på det amerikan..

Aktier/middag: C20 indhenter mere end torsdagens tab

17-10-2014 11:28:45
Det danske aktiemarked ser ud til at få et comeback fredag formiddag, efter at have været i modvind torsdag.Torsdag tabte det danske eliteindeks C20 Cap 1,8 pct..

Mest læste nyheder

  • 24 timer
  • 48 timer
  • 1 uge

Relaterede aktiekurser

Lvmh 125,20 0,0% Aktiekurs uændret
Richemont N 77,30 0,0% Aktiekurs uændret
Swatch Group I 438,50 0,0% Aktiekurs uændret

Køb- og salgsanbefalinger

  • Trend
  • Pengemaskinen

Relaterede selskaber
Få adgang til information og anbefalinger af relaterede selskaber med PLUS pakken.

Du får adgang til 7 værdifulde investorværktøjer til investering.

Klik her og læs mere om PLUS pakken.
Euroinvestor i andre lande: Euroinvestor.com | Euroinvestor.se | Euroinvestor.no | Euroinvestor.fr | Forexinvestor.com| Wisselkoersen.nl | Valuta.se | Valutaveksel.no | Divisas.es | Valute.it
Copyright Euroinvestor A/S 2014  Disclaimer Privatlivspolitik
Aktieinformation leveres af Interactive Data.
Data er forsinket 15-20 minutter iht. de enkelte børsers regler om videredistribution.
20. oktober 2014 06:26:22
(UTC+01:00) Brussels, Copenhagen, Madrid, Paris
Version: LiveBranchBuild_20141015.1 - EUROWEB6 - 2014-10-20 06:26:22 - 2014-10-20 06:26:22 - 1 - Website: OKAY

Når du besøger Euroinvestor.dk accepterer du, at der anvendes cookies, som vi og vores samarbejdspartnere benytter til funktionalitet, statistik og markedsføring. Læs mere om cookies på Euroinvestor.dk her