8 334
Fashion Jobs
BENCHMARK SERVICES
Area Sales Manager - Sme Lap With Top Nbfc Company
Permanent · AHMEDABAD
GENIUS CONSULTANTS
Opening For Territory Sales Manager OR Area Business Manager
Permanent · NASHIK
TALISMAN HR SOLUTIONS
Area Sales Manager (Transportation & Logistics Company)
Permanent · AHMEDABAD
AUXIN RECRUITMENT CONSULTANTS
Area Sales Manager | Lap | Hyderabad
Permanent · HYDERABAD
BERGER PAINTS
Area Sales Manager Wood Coating
Permanent · ROHTAK
360 REALTORS
Hiring -Team Leader/ Sales Manager / Relationship Manager| Pune
Permanent · PUNE
LEVI'S
Senior Supply Planner
Permanent · BENGALURU
ADIDAS
Manager -Tech Infrastructure
Permanent · CHENNAI
ADIDAS
Senior Specialist - Finance Operations FP&A
Permanent · CHENNAI
ADIDAS
sr. Manager Merchandising Ecommerce - em Hub
Permanent · GURUGRAM
ADIDAS
sr. Manager- DPC Partner Program
Permanent · GURUGRAM
L'OREAL GROUP
Online Brand Manager
Permanent · MUMBAI
L'OREAL GROUP
Retail And Education Manager - Ysl
Permanent · MUMBAI
JCPENNEY
Senior Manager
Permanent · BENGALURU
DAMYAA PJ FOODS
Area Sales Manager/Regional Sales Manager
Permanent · ROHTAK
ON TIME SOLUTIONS
Branded Fmcg Company Opening For Area Sales Manager in North Kerala
Permanent ·
HECTOR AND STREAK CONSULTING
Sales Engineer / am / Manager - Ups
Permanent · MUMBAI
HDFC LIFE
Hiring For Associate Area Manager-Abp Channel
Permanent ·
STONELAM SURFACES LLP
Area Sales Manager- Project Sales
Permanent · CHENNAI
SHINE
Oracle Functional Consultant - Scm
Permanent ·
SHINE
System Administrator
Permanent ·
SHINE
Information Technology Executive
Permanent ·
By
AFP
Published
May 22, 2015
Reading time
2 minutes
Download
Download the article
Print
Text size

Luxury giant Richemont sees net profit plunge

By
AFP
Published
May 22, 2015

The world's second luxury goods group Richemont confirmed Friday that its annual net profit fell by more than a third due to losses on financial instruments.

During its 2014/15 financial year, which ended on March 31, the Swiss company earned in 1.3 billion euros ($1.4 billion) in net profit, down 35 percent from a year earlier, it said.

Cartier


The drop was slightly less than the 36-percent decline Richemont signalled in a profit warning last month, but in line with the expectations of analysts polled by the AWP financial news agency.

The company warned in April that "non-cash, mark-to-market losses on financial instruments, which include monetary items and derivatives."

Multinationals often use financial instruments to try to protect themselves against changes in exchange rates in the different countries they operate, but unexpected changes can lead to losses.

The Geneva-based group, which owns top global brands like Cartier, Piaget and IWC, meanwhile said its sales had inched up four percent in during the year to 10.4 billion euros.

The rise, which was only one percent in constant exchange rates, reflected "growth in jewellery, haute horlogerie and steel watches, as well as growing demand in Europe, the Middle East and the Americas," it said.

The amount however fell short of analyst expectations that Richemont sales during the year would tick in at 10.9 billion euros.

And the company said its operating profit swelled 10 percent to 2.7 billion euros -- slightly better than analyst expectations -- boosted especially by its sale of an investment property.

Richemont said its sales in April had ballooned nine percent in actual exchange rates compared to the same month last year, but that they slumped eight percent at constant exchange rates.

Richemont's board said it would stick to its aim of gradually increasing the company's dividends over time, and would propose for the financial year 2014/15 dishing out 1.60 Swiss francs ($1.70, 1.50 euros) per share to shareholders, up from 1.40 a year earlier.

Following the news, the company saw its share price slump 1.73 percent to 85.35 Swiss francs a piece in morning trading as the Swiss stock exchange's main SMI index slipped just 0.1 percent.

Copyright © 2024 AFP. All rights reserved. All information displayed in this section (dispatches, photographs, logos) are protected by intellectual property rights owned by Agence France-Presse. As a consequence you may not copy, reproduce, modify, transmit, publish, display or in any way commercially exploit any of the contents of this section without the prior written consent of Agence France-Presses.