Richemont (CFR) Q1 2026 TU earnings summary

Executive summary

• Group sales reached €5.4bn in Q1 FY26, up 6% at constant FX and 3% at actual FX, reflecting a solid start in a volatile macroeconomic and geopolitical environment.

• Jewellery Maisons led growth with an 11% increase at constant FX, while Specialist Watchmakers declined 7% and Other fell 1%.

• Double-digit sales growth in Europe, Americas, and Middle East & Africa; Asia Pacific remained stable, while Japan declined due to a high prior-year base.

• All distribution channels grew 6% at constant rates, with direct-to-client sales accounting for 75% of total sales and retail for 69%.

• Net cash position stood at €7.4bn at quarter-end, slightly higher than €7.3bn at end June 2024 and after the YNAP sale.

Financial highlights

• Europe sales rose 11% to €1,295m, Americas up 17% to €1,335m, Middle East & Africa up 17% to €524m, while Japan fell 15% to €527m.

• Asia Pacific sales were stable at €1,731m, with a 7% decline in China, Hong Kong, and Macau offset by growth in other Asian markets.

• Jewellery Maisons contributed €3.9bn (+11% at constant FX), Specialist Watchmakers €0.8bn (-7%), and Other €0.7bn (-1%).

• Retail sales reached €3,734m (+6%), online retail €323m (+6%), and wholesale/royalty income €1,355m (+6%) at constant rates.

• Direct-to-client sales accounted for 75% of total sales, with over 80% at Jewellery Maisons.

Outlook and guidance

• Management highlights a volatile macroeconomic and geopolitical context, with ongoing risks from consumer trends, travel, and global events.

• Forward-looking statements are subject to significant uncertainties, including currency fluctuations, geopolitical instability, and changing consumer demand.