Richemont Posts Higher Sales But Confirms Slowdown in Growth Trends
January 18 2024 - 1:58AM
Dow Jones News
By Andrea Figueras
Richemont posted an increase in sales for its fiscal third
quarter, but confirmed slowing growth faced by the luxury sector as
a whole after the postpandemic shopping euphoria.
The Swiss luxury-goods company, which counts jeweler Cartier
among its brands, booked sales of 5.6 billion euros ($6.09 billion)
for the three months to Dec. 31, 8% higher at constant currency
compared with the same period of the previous fiscal year.
The company signaled a continued uncertain macroeconomic and
geopolitical environment.
Sales were above analysts' expectations of EUR5.49 billion for
the third quarter, according to Visible Alpha consensus.
Results show further slowdown in sales growth from 12% increase
at constant currency booked in the first half of the year.
First-quarter sales increased 19% on year at constant exchange
rates.
The core jewelry division reported sales of EUR3.95 billion for
the third quarter, up 12% at constant exchange rates.
Asia-Pacific accounted for the largest part of group sales and
reported growth of 13% boosted by a 25% sales increase in Mainland
China, Hong Kong and Macau, the company said.
All distribution channels recorded sales growth except for the
online retail channel where sales decreased by 5%.
Write to Andrea Figueras at andrea.figueras@wsj.com
(END) Dow Jones Newswires
January 18, 2024 01:43 ET (06:43 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.
Compagnie Financiere Ric... (PK) (USOTC:CFRUY)
Historical Stock Chart
From Mar 2024 to Apr 2024
Compagnie Financiere Ric... (PK) (USOTC:CFRUY)
Historical Stock Chart
From Apr 2023 to Apr 2024
