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Richemont FY22 Profit Climbs, Lifts Dividend; Stock Down

(RTTNews) - Swiss luxury goods group Compagnie Financiere Richemont AG reported Friday significantly higher profit in fiscal 2022 with strong growth in demand. The company also lifted its dividend, and announced a special dividend. Meanwhile, the shares were losing around 12 percent in the morning trading in Switzerland.

Looking ahead, Chairman Johann Rupert said, "Even if the worst of Covid is hopefully behind us, we face a global environment which is the most unsettled we have experienced for a number of years. .. Richemont's a?¬5.3 billion net cash position at the end of March 2022 is a source of strength as we face volatile times ahead."

Reuters reported that the company issued a cautious note over growth in China, and also failed to report any meaningful progress in talks regarding online retail business YOOX Net-a-Porter or YNAP.

Further, the Board proposes to pay an ordinary dividend of 2.25 Swiss francs per 'A' share, and 0.225 franc per 'B' share, an increase of 13 percent over the prior year. The company also proposes an additional special dividend of 1.00 franc per 'A' share/10 'B' shares, subject to shareholders' approval at the Annual General Meeting on September 7.

For the year, profit climbed 61 percent to 2.08 billion euros from last year's 1.29 billion euros. Earnings per share grew 57 percent to 3.611 euros from 2.296 euros a year ago.
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