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    Patrik Schwendimann

    Research Analyst at Zurcher Kantonalbank

    Patrik Schwendimann's questions to COMPAGNIE FINANCIERE RICHEMONT AG /FI (CFRUY) leadership

    Patrik Schwendimann's questions to COMPAGNIE FINANCIERE RICHEMONT AG /FI (CFRUY) leadership • Q4 2023

    Question

    Patrik Schwendimann of Zurcher Kantonalbank asked about the potential for further margin improvement in the watch division given its strong brand equity and scale. He also inquired about the group's exposure to Chinese consumers, including tourists, before the pandemic compared to the current level.

    Answer

    Chairman Johann Rupert and CFO Burkhart Grund explained that while they constantly seek efficiency gains through better data and stock management, they do not provide margin guidance due to uncontrollable variables like exchange rates and input costs. They reiterated their focus on productivity and a fair pricing policy. Regarding Chinese consumers, Grund noted that pre-COVID industry estimates were around 33-36% of sales, while Richemont's residency-based figure was 24% at the end of the last fiscal year, cautioning that future trends are difficult to predict.

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    Patrik Schwendimann's questions to COMPAGNIE FINANCIERE RICHEMONT AG /FI (CFRUY) leadership • FY 2017

    Question

    Patrik Schwendimann of Zürcher Kantonalbank inquired about the sustainability of the strong sales growth trend in Mainland China and the current market conditions in Hong Kong.

    Answer

    CFO Gary Saage confirmed that Mainland China has been strong for nine consecutive months with a healthy, improving operating margin. Regarding Hong Kong, he stated the situation is "getting less worse" but declined to call a bottom for the market.

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    Patrik Schwendimann's questions to COMPAGNIE FINANCIERE RICHEMONT AG /FI (CFRUY) leadership • Q2 2016

    Question

    Patrik Schwendimann sought clarification on the full-year gross margin forecast, details on Mainland China's performance, and the outlook for CapEx and S&D costs for the next fiscal year.

    Answer

    CFO Gary Saage confirmed the 65% gross margin forecast is based on September 30 average rates. He elaborated that Mainland China's +1% total growth was driven by 'extremely well' performing retail, which offset weak wholesale. He stated it was too early to provide specific guidance for next year's CapEx or S&D costs, though he expects CapEx to be lower than the current year's €800 million forecast.

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