Richemont has reported strong sales and profits from its jewellery business as sales increased 24% in the year ended 30 September 2022.\r\n\r\nThe company, which owns brands such as Cartier and IWC Schaffhausen, made nearly \u20ac9.7bn (\u00a38.5bn) this half year up from nearly \u20ac7.8bn (\u00a36.8bn) last year. It also reported an operating profit of \u20ac2.7bn (\u00a32.4bn).\r\n\r\nAs a result the company posted profits of \u20ac2.1bn (\u00a31.8bn) from continuing operations.\r\n\r\nHowever, the company\u2019s overall performance was hampered by a \u20ac2.7bn charge (\u00a32.3bn) from discontinued operations as a result of its agreement with Farfetch and Alabbar to sell a controlling interest in Yoox Net-a-Porter.\r\n\r\nRichemont also continued its sustainability drive by reducing its energy usage in boutiques and offices across Europe by 10%. The company believes it is on track to source 100% renewable energy by the end of 2025.\r\n\r\nChairman Johann Rupert said: Compared to the prior-year period, double-digit sales increases were recorded, at actual exchange rates, across all business areas, channels and regions excluding Asia Pacific where sales grew by 3%. Growth was led by the retail channel which, together with the online channel, contributed 73% of group sales.\r\n\r\nWith a 24% sales growth overall and higher sales in all regions and distribution channels, our Jewellery Maisons, Buccellati, Cartier and Van Cleef & Arpels, reaffirmed their leading position. To further support their strong development, manufacturing sites are being expanded, operational teams reinforced, and communication initiatives intensified.