Picture: REUTERS
Picture: REUTERS

Swiss-and Johannesburg-listed luxury goods group Richemont is scheduled to release its results for the year to end-March on Friday morning.

On Thursday, Richemont announced acceptance of its buyout offer for Milan-listed online retailer YNAP had exceeded the 90% minimum required for the deal to proceed.

Richemont announced a lot of management changes during its 2018 financial year. Its most recent announcement was the resignation of its chief technology officer Jean-Jacques van Oosten following the announcement of his appointment in September.

"Richemont’s new board and management team bring diverse skill sets which are relevant to the challenges our business is facing. They are focused on defining the group’s transformation agenda to meet the rapidly changing demands of luxury consumers," chairman Johann Rupert said in the interim results statement.

Richemont has not issued a trading statement as would be required if its earnings differed by more than 20%. It did release a December quarter trading update in January which said sales grew 7% to €3.1bn from the matching quarter in 2016.

Richemont’s share closed 1.08% higher at Sf99.02 in Switzerland 1.44% higher at R123.55 on the JSE on Thursday.

A share likely to continue its slide on Friday when the JSE opens is Woolworths, which released a trading statement at 5.05pm on Thursday saying its 2018 financial year earnings fell by more than 20%.

Woolworths said its results for the 52 weeks ending on June 24 scheduled for release on August 23 were expected to show a drop in basic earnings of at least 113.3c from the previous year’s 566.7c.

The retailer said this was as a result from the A$712.5m impairment of its Australian department store chain David Jones.

Woolworths closed 0.61% lower at R60.41 on Thursday, its third trading day of losses, taking its drop since Monday to 2.7%.

The rand was trading at R12.59 to the dollar, R14.86 to the euro and R17 to the pound at 7am.

Please sign in or register to comment.