Richemont reports lower first-half results

Richemont reports lower first-half results Keystone-SDA

Geneva-based luxury goods group Richemont reported a downturn in performance for the first half of its 2024/25 financial year closing at the end of September. Both sales and profit declined.

+Get the most important news from Switzerland in your inbox

During the period under review, sales contracted by 1% to €10.08 billion (CHF9.4 billion), according to a press release on Friday. Recurring operating income plunged by 17% to €2.21 billion, while the operating margin collapsed by 410 basis points to 21.9%.

+ Swiss luxury group Richemont sees inflation bite into demand

Net income fell from €1.51 billion to €457 million.

This was well below the expectations of analysts polled by AWP, who were expecting €1.88 billion. Sales were expected to come in at €10.18 billion, with operating income at €2.33 billion and an associated margin of 22.9%.

Translated from French by DeepL/ts

How we work

This news story has been written and carefully fact-checked by an external editorial team. At SWI swissinfo.ch we select the most relevant news for an international audience and use automatic translation tools such as DeepL to translate it into English. Providing you with automatically translated news gives us the time to write more in-depth articles.

If you want to know more about how we work, have a look here, if you want to learn more about how we use technology, click here, and if you have feedback on this news story please write to [e-mail].