GENEVA (dpa-AFX) - Swiss luxury goods group Compagnie Financiere Richemont AG (CFRUY.PK) reported Friday that its fiscal 2018 profit increased 1 percent to 1.221 billion euros from last year's 1.210 billion euros.
Earnings per A share/10 B shares were 2.158 euros, up 1 percent from 2.141 euros a year ago.
Sales increased 3% to 10.98 billion euros from prior year's 10.65 billion euros. Sales increased 8% at constant rates. Excluding the impact of exceptional inventory buy-backs, sales grew 7% at constant rates
The company noted that strong retail performance reflected solid jewellery and watch sales.
In view of the cash flow generated and the strong net cash position, the Board has proposed a dividend of CHF 1.90 per 1 A share/10 B shares, up from CHF 1.80 per 1 A share/10 B shares last year.
Separately, Richemont announced that Eric Vallat has been appointed to the newly created role of Head of Fashion & Accessories Maisons and will join the Group's Senior Executive Committee, effective June 1.
Eric Vallat will report to Jérôme Lambert, Chief Operating Officer.
Copyright RTT News/dpa-AFX