Richemont annual sales growth of 27%
Group sales increased by 27% at actual and constant exchange rates to €13,989 million. Since 1 May and 1 June 2018, respectively, Yoox Net-à-Porter (YNAP) and Watchfinder & Co are consolidated in the Group’s accounts as Online Distributors. Excluding YNAP and Watchfinder, sales rose by 8% at actual and constant exchange rates. Richemont observed growth in all business areas and most regions with a double digit progression in Asia Pacific and the Americas and a double digit increases in the directly operated boutiques of Jewellery Maisons and Specialist Watchmakers. Operating profit grew by 5% to €1,943 million; excluding the impact of Online Distributors and one-time net charges of €118 million, the operating margin increased to 19.5%. Profit for the year rose to €2,787 million including a post-tax non-cash gain of €1,378 million on the revaluation of YNAP shares held prior to tender offer. At the end of fiscal year, the net cash position amounted to €2,528 million.