Richemont (CFR) FY24 – Results Snapshot

Diluted HEPS 636.5cps (-3.6% y-y).

Revenue up 3.3% to EUR 20.6bn at actual exchange rates, and up 8% at constant exchange rates.

GPM down 60bps to 68.1%.

Expense growth 6.4% y-y with expense-to-sales ratio up 130bps to 44.8%.

OPM down 190bps to 23.3%. Operating profit was impacted by adverse foreign currency movements and non-recurring charges of EUR 58m.

Dividend of CHF 275cps (FY23: CHF 250cps).

CFR completed the acquisition of 70% of Italian shoe Maison, Gianvito Rossi, on 31 January 2024.

On 7 May 2024, CFR announced agreement to acquire 100% of jewellery Maison, Vhernier.

At actual exchange rates, sales grew across all regions, led by Asia Pacific. The Americas came in slightly ahead of Europe, with the US becoming the Group’s largest individual market.