Dow Jones Newswires: Richemont profit misses expectations despite rising sales [MarketWatch]
COMPAGNIE FNCE RCH UN/ADR (CFRUY)
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Source: MarketWatch
Richemont profit misses expectations despite rising sales Compagnie Financiere Richemont SA said Friday that its first-half sales rose, but earnings missed analysts’ expectations. The Swiss luxury-goods group reported CFR, -5.03% net profit of 869 million euros ($961.2 million) for the period to Sept. 30. This was down from EUR2.25 billion the year previous, when Richemont booked an extraordinary gain of EUR1.38 billion after purchasing online luxury retailer Yoox Net-a-Porter. Excluding this gain, net profit was broadly stable, Richemont said. The result fell short of analysts’ expectations of EUR971 million, according to a consensus estimate provided by FactSet. The owner of Cartier and Van Cleef & Arpels said sales for the first half of fiscal 2020 rose 9% to EUR7.4 billion, slightly lower than analysts’ expectations of EUR7.49 billion according to a FactSet estimate. At constant exchange rates, sales grew by 6%, Richemont said. Sales growth was powered by the company’s online d
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