Compagnie Financière Richemont (SWX: CFR) FY19 Results: Sales and Profits Jump After YNAP Acquisition

Executive Summary

• Compagnie Financière Richemont reported FY19 revenues of €14.0 billion, slightly above the €13.9 billion consensus estimate recorded by S&P Capital IQ, and up 27.3% year over year.
• During the year, Richemont acquired full control of YOOX NET-A-PORTER (YNAP) and also acquired Watchfinder.co.uk.
• The company did not provide quantitative guidance for FY20 but Chairman Johann Rupert stated that Richemont “remains confident in [its] ability to achieve [its] long term ambitions.”