Richemont’s Fiscal Year Net Income rises around 30%

Richemont SA, the owner of brands such as Cartier and Van Cleef and Arpels jewelry as well as IWC watches, said fiscal year net income rose around 30 percent with the dollar’s strength against the euro boosting sales growth. That would be the equivalent of around 2 billion Euros ($2.6 billion), ahead of analysts' average forecast a rise of 25 percent, or 1.93 billion Euros, according to Thomson Reuter’s data. Richemont will release its full results for the year ended March 31 on May 16. The company said reported sales would soar around 14 percent for the year, while the increase in operating profit would be about 18 percent. That would mean sales of just over 10 billion Euros ($13 billion), compared with analysts' average forecast of 10.15 billion Euros, and operating profit of about 2.41 billion Euros ($3.14 billion), versus an average forecast of 2.4 billion Euros.