Richemont (CFR) Q1 2027 TU earnings summary

Executive summary

• Q1 FY27 sales reached €6.3bn, up 20% at constant FX and 17% at actual FX, reflecting robust demand and strong topline momentum across all regions and business areas.

• Jewellery Maisons led performance with 24% growth at constant rates, marking a seventh consecutive quarter of double-digit expansion.

• All regions posted double-digit sales growth except Middle East & Africa, which returned to growth with a 3% increase at constant FX.

• Direct-to-client channels accounted for 77% of sales, up 200 bps year-over-year, with retail, wholesale, and online all showing robust growth.

• Net cash position improved to €9.1bn from €7.4bn at end June 2025, including a €0.4bn inflow from the Avolta stake disposal.

Financial highlights

• Q1 FY27 sales: €6.3bn (+20% at constant FX, +17% at actual FX) year-over-year.

• Retail sales rose 24% at constant rates, accounting for 71% of total sales; online retail grew 18%, and wholesale increased 9%.

• Net cash position: €9.1bn, up from €7.4bn at end June 2025.

• Americas and APAC delivered the highest contributions to sales growth.

Outlook and guidance

• Management highlights ongoing topline momentum and continued investment in brand growth despite a volatile macroeconomic and geopolitical context and elevated raw material costs.

• Forward-looking statements caution that results may differ due to risks such as consumer demand, travel trends, geopolitical events, tariffs, health-related disruptions, and supply chain disruptions.