Richemont reported net income of 2.35 billion euros for its 2023-24 financial year, compared with 301 million a year earlier, and operating income of 4.79 billion, down 5% on a reported basis but up 13% at constant exchange rates.

At an all-time high of 20.6 billion euros, the Swiss luxury group's sales rose by 3% on a reported basis and by 8% at constant exchange rates, driven by the jewelry houses and directly-operated boutiques, representing 69% of the total.

"Richemont achieved a solid underlying performance while successfully coping with unfavorable currency movements, challenging comparisons and persistent macroeconomic and geopolitical uncertainty," commented its management.

With a net cash position of around 7.4 billion euros at the end of March, the Board of Directors will propose a dividend of 2.75 Swiss francs per A share and 0.275 franc per B share, an increase of 10%, to the AGM on September 11.

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