Swiss luxury goods group Richemont on Thursday posted a sharp increase in fiscal 2011 profit, driven by strong sales growth across all segments and regions.

Sales increased 33 percent to EUR6.89 billion (USD9.85b) for the year ended on 31 March 2011 from EUR5.18 in the previous year. Gross profit rose 38 percent from EUR3.19b to EUR4.39b. Operating profit jumped 63 percent to EUR1.36b, double the rate of growth in sales.

The Asia-Pacific region which represents 37 percent of the group sales reported the highest sales growth of 48 percent among all regions, followed by 40 percent increase in the US and 23 percent growth in Europe. Sales in Asia-Pacific totalled EUR2.57b (USD3.67b) in fiscal 2011. Japan sales jump 18 percent to EUR 737 million.

Retail sales of the group grew 45 percent from EUR2.39b to EUR3.47b. During the current year, the overall retail network of group-owned boutiques increased to 876 boutiques. Store openings were primarily in growth markets. Wholesale business rose 23 percent to EUR3.42b.

"The performance achieved in the year under review, following a major global economic crisis, confirms the appeal of each of the maisons. We will continue to invest in their organic growth through higher levels of capital spending in manufacturing capacity and in the further development of the group’s own retail network, particularly in growth markets. Our capital investments are therefore likely to range between 6 percent and 8 percent of sales in the next two years," said Johann Rupert, executive chairman and CEO of Richemont.