Richemont reports lower first-half results

Geneva-based luxury goods group Richemont reported a downturn in performance for the first half of its 2024/25 financial year closing at the end of September. Both sales and profit declined. +Get the most important news from Switzerland in your inbox During the period under review, sales contracted by 1% to €10.08 billion (CHF9.4 billion), according to a press release on Friday. Recurring operating income plunged by 17% to €2.21 billion, while the operating margin collapsed by 410 basis points to 21.9%. + Swiss luxury group Richemont sees inflation bite into demand Net income fell from €1.51 billion to €457 million. This was well below the expectations of analysts polled by AWP, who were expecting €1.88 billion. Sales were expected to come in at €10.18 billion, with operating income at €2.33 billion and an associated margin of 22.9%. Translated from French by DeepL/ts How we work This news story has been written and carefully fact-checked by an external editorial team. At SWI ...