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Richemont profit misses consensus by 23.6% in fiscal H1

Compagnie Financière Richemont SA said its normalized net income for the fiscal first half ended Sept. 30 was €1.62 per share, compared with the S&P Capital IQ consensus estimate of €2.13 per share.

EPS increased 34.2% year over year from €1.21.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was €917.4 million, an increase of 33.9% from €685.4 million in the year-earlier period.

Total revenue increased 14.7% year over year to €5.82 billion from €5.07 billion, and total operating expenses grew 17.6% year over year to €4.42 billion from €3.76 billion.

Reported net income rose 29.5% year over year to €1.19 billion, or €2.10 per share, from €918.0 million, or €1.62 per share.