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Richemont foresees 30% leap in 2013 profit

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(Globalpost/GlobalPost)

The Swiss luxury goods giant Richemont said Tuesday that it expects its 2012-13 net profit to surge by around 30 percent, largely owing to favourable exchange rates.

The world's second largest luxury good group, which owns the Cartier, Piaget, Jaeger-LeCoultre and Montblanc brands among others, is set to publish its full results for the financial year on May 16.

Richemont unveiled some tendencies in advance however, in accordance with Swiss stock exchange rules, which require companies to make

public any significant anticipated changes in its results.

In large part thanks to "favourable exchange rates," the Swiss company said it also expected annual sales to rise by 14 percent, while its operating profit for the year ending March 31 would likely swell by 18 percent.

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http://www.globalpost.com/dispatch/news/afp/130423/richemont-foresees-30-leap-2013-profit