Friday, December 9, 2022

Richemont deep in the red

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Richemont is deep in the red after goodwill write-offs

At the luxury goods group Richemont, a multi-billion dollar goodwill write-off led to a high loss as expected in the first half of 2022/23. By contrast, sales of jewelry and watches increased sharply.

For the half-year ended in September, Richemont reported a net loss of 766 million euros after a profit of 1.25 billion in the previous year. The sale of online subsidiary Yoox-Net-A-Porter (YNAP) to British online retailer Farfetch, announced in August, resulted in a billion-dollar charge, most of it in the form of impairments.

Analysts had roughly expected the YNAP damper. If you exclude this special effect, the bottom line is a profit of 2.11 billion euros. The basis for this is provided by the operating profit of 2.72 billion achieved in the continued business – i.e. without YNAP – which rose by 26 percent.

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