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4-Traders Homepage  >  Equities  >  Swiss Exchange  >  Compagnie Financière Richemont    CFR   CH0210483332

COMPAGNIE FINANCIÈRE RICHEMONT (CFR)
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Compagnie Financiere Richemont : Richemont sales beat expectations, no word on new watch chief

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09/13/2017 | 09:13am CET
The Cartier logo is pictured at a store in Paris

GENEVA (Reuters) - Richemont (>> Compagnie Financière Richemont) said sales rose more than expected in the five months to Aug. 31 on a recovery in Asia, but the luxury goods group gave no word on a replacement for its watchmaking division after the departure of an executive touted as a potential future CEO.

GENEVA (Reuters) - Richemont (>> Compagnie Financière Richemont) said sales rose more than expected in the five months to Aug. 31 on a recovery in Asia, but the luxury goods group gave no word on a replacement for its watchmaking division after the departure of an executive touted as a potential future CEO.

Lack of news on a successor to Georges Kern, seen as one of the group's most promising managers, coupled with the move to an unconventional management structure late last year, means Executive Chairman Johann Rupert will likely face questions from fellow shareholders over the current leadership crisis at its AGM on Wednesday.

Kern left to work for competitor Breitling in July after just four months as head of Richemont's struggling watch business, which owns brands such as IWC and Jaeger-LeCoultre.

The fact that no successor has been appointed so far shows there may be no suitable candidate inside the group that owns the Cartier brand and outsiders may be reluctant to take on the challenging task.

The world's No.2 luxury goods group and its rival Swatch Group (>> The Swatch Group) are emerging from a long period of declining sales caused by the collapse of the Hong Kong market and fewer Chinese tourists traveling to Europe's luxury shopping centres.

Sales in the five months from April to August jumped 12 percent at constant currency, Richemont said in a statement published ahead of its AGM in Geneva later.

This was ahead of an estimate for a 10 percent rise in a Reuters poll. A 10 percent sales rise at actual exchange rates also beat expectations.

Asia Pacific experienced a strong recovery, with 23 percent constant currency sales growth, but Richemont said this was partly due to stock buybacks in its watch business in the year-ago period. Without this one-off effect, constant currency sales for the group increased 7 percent, Richemont said.

"The trend is good, watches sell out in Asia and Hong Kong is turning positive - but this is more of a step by step progress than a V shaped recovery," Exane BNP Paribas analyst Luca Solca said.

Shares in Richemont fell 2.2 percent in early trade.

(Reporting by Silke Koltrowitz, editing by John Revill and Louise Heavens)

By Silke Koltrowitz

Stocks treated in this article : The Swatch Group, Compagnie Financière Richemont
Valeurs citées dans l'article
ChangeLast1st jan.
THE SWATCH GROUP -1.19% 406.9 Delayed Quote.3.62%
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Financials (€)
Sales 2018 11 195 M
EBIT 2018 2 127 M
Net income 2018 1 737 M
Finance 2018 5 853 M
Yield 2018 2,48%
P/E ratio 2018 24,07
P/E ratio 2019 21,45
EV / Sales 2018 2,92x
EV / Sales 2019 2,72x
Capitalization 38 563 M
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Mean consensus OUTPERFORM
Number of Analysts 32
Average target price 81,0 €
Spread / Average Target 9,5%
EPS Revisions
Managers
NameTitle
Johann Peter Rupert Executive Chairman
Jérôme Lambert Chief Operating Officer & Director
Burkhart Grund Chief Financial Officer & Director
Jean-Jacques Michel van Oosten Chief Technology Officer
Alan Grant Quasha Non-Executive Director
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