Overview
- Group sales rose 10% at constant exchange to €10.62 billion in the six months to Sept. 30, with a stronger second quarter that topped forecasts.
- Jewellery Maisons delivered €7.75 billion in sales, up 14% at constant rates in H1 and 17% in Q2, supported by measured price increases and new products such as Cartier Love Unlimited.
- The specialist watchmakers division declined about 6% at reported rates in H1 and minus 2% at constant exchange, though Q2 returned to 3% growth; divisional operating profit fell nearly 70% to €50 million.
- Profit for the period jumped to €1.81 billion from €457 million, largely due to the non-recurrence of last year’s €1.2 billion non-cash write-down.
- Shares gained roughly 8% after the print, as reports of U.S. duties on Swiss imports being reduced to 15% eased a key near-term headwind, even as currency volatility, elevated gold prices and uneven regional recoveries persist.