Richemont (CFR) Q1 2025 TU earnings summary

Executive summary

• Q1 FY25 sales increased 1% at constant exchange rates and declined 1% at actual rates, facing strong prior-year comparatives and ongoing macroeconomic and geopolitical uncertainties.

• Growth was achieved in all regions except Asia Pacific, with Japan (+59%) and the Americas (+10%) leading regional performance.

• Direct-to-client sales continued to progress, especially at Jewellery Maisons, offsetting lower sales at Specialist Watchmakers.

• Jewellery Maisons and 'Other' business area posted mid-single digit growth, offsetting declines at Specialist Watchmakers.

Financial highlights

• Q1-25 total sales reached €5,268m, down 1% at actual rates and up 1% at constant rates year-over-year.

• Jewellery Maisons sales grew 4% at constant rates, Specialist Watchmakers declined 13%, and Other business areas rose 6%.

• Retail sales increased 2% and now represent 69% of group sales; online retail grew 6%, while wholesale sales declined 5%.

• YOOX NET-A-PORTER (discontinued operations) saw a 15% sales reduction.

Outlook and guidance

• Management highlights persistent macroeconomic and geopolitical uncertainties impacting performance.

• Forward-looking statements caution that actual results may differ due to factors such as consumer confidence, travel trends, and global events.