Richemont (CFR) FY23 – Results Snapshot

Diluted HEPS 660.1cps (+77.8% y-y).
Revenue up by 19.1% y-y, driven by strong performance in the Jewellery Maison (+21.1% y-y) and Specialist Watchmaker (+12.8%) segments.
GPM up 201bps from 66.7% to 68.7%.
Expense growth +17.0% y-y with expense to sales ratio decreasing from 44.3% to 43.5%.
OPM increased by 281bps from 22.4% to 25.2%.
Dividend of CHF 250cps (FY22: CHF 225cps).
Gross debt up to EUR 6.0bn (FY22: EUR5.9bn) with net cash EUR 5.1bn (FY22: EUR 4.6bn).
Overall profit for the year was EUR 301m due to EUR3.6bn loss from discontinued operations.
Sale of controlling interest in YOOX NET-A-PORTER (YNAP) expected to be completed by the end of the calendar year 2023.