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Richemont (CFRVX; NR, A+) FY24 Results (12m ending March)

CONSUMER CYCLICALS
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  • The high-grade lux goods and accessories retailer has reported in-line Q4/FY24 results, cc revenue up +8%, gross margins at 68.1% & operating margin at 23.3%.
  • Japan FY24 strength (cc +20%) in-line with comps but still higher than consensus. Also noted Middle East & Africa strength (+11%) on tourism and local spending & qtrly improvements in Americas leaving FY +5%. APAC +10% & Europe +3%.
  • Dividend bumped 10%yoy to €2.75/share, including specials will total €2.1b. No issues on BS with FCF at €2.9b this year & a reported net cash position of €7.4b.
  • Doesn't have near term refi-needs, coming around to 4yrs since it last tapped primary.
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  • The high-grade lux goods and accessories retailer has reported in-line Q4/FY24 results, cc revenue up +8%, gross margins at 68.1% & operating margin at 23.3%.
  • Japan FY24 strength (cc +20%) in-line with comps but still higher than consensus. Also noted Middle East & Africa strength (+11%) on tourism and local spending & qtrly improvements in Americas leaving FY +5%. APAC +10% & Europe +3%.
  • Dividend bumped 10%yoy to €2.75/share, including specials will total €2.1b. No issues on BS with FCF at €2.9b this year & a reported net cash position of €7.4b.
  • Doesn't have near term refi-needs, coming around to 4yrs since it last tapped primary.