Richemont, the Swiss luxury goods group which owns Cartier and Van Cleef & Arpels (VCA), announced its audited consolidated results in the past fiscal year on 12 May 2017.
Revenue from the jewellery category went up seven percent to 4.2 billion euro or US$4.55 billion in the financial year ended 31 March 2017, partly offsetting weakness in watch sales that decreased 15 percent to 4.34 billion euro or US$4.75 billion, said Richemont.
Overall revenue from jewellery maisons Cartier and VCA – including watch sales – slipped two percent to 5.93 billion euro or US$6.48 billion, while profit fell 11 percent to 1.68 billion euro or US$1.84 billion during the period. The decline was largely due to the lower wholesale revenue from timepieces as the group bought back inventory from retail partners that were overstocked.
Group sales fell four percent to 10.65 billion euro or US$11.64 billion with declines in its wholesale division outweighing growth in the retail operations. Profit for the year plunged by 46 percent to 1.21 billion euro or US$1.32 billion during the same period.
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