Richemont: third-quarter sales rise as jewellery shines
(CercleFinance.com) - Richemont, the Swiss luxury group behind Cartier necklaces and dunhill accessories, posted better than expected sales over the Christmas period, this time helped by strong growth in Europe and the Americas.
Sales rose 6% in its fiscal third quarter at actual exchange rates, or 4% when stripping out currency fluctuations, to 4.16 billion euros.
At constant exchange rates, sales in Europe grew by 9%, benefiting from a favourable comparison basis and strong sales in most markets, while sales in the Americas rose by 5%, led by good performance in the US.
The Asia-Pacific region - its biggest market - posted a rise in sales of just 2% at actual rates, the group said, due to a severe sales contraction in Hong Kong.
In terms of categories, Richemont boasted a 6% growth in sales at its jewellery unit, with the performance of Cartier, Van Cleef & Arpels and Buccellati being "particularly noteworthy," it said.
Richemont shares are bubbling today, up 5% in morning trading, largely outperforming a 0.6% rise in the STOXX Europe 600 Personal & Household Goods index. The stock has already risen by 6.4% year-to-date.
Copyright (c) 2020 CercleFinance.com. All rights reserved.
Sales rose 6% in its fiscal third quarter at actual exchange rates, or 4% when stripping out currency fluctuations, to 4.16 billion euros.
At constant exchange rates, sales in Europe grew by 9%, benefiting from a favourable comparison basis and strong sales in most markets, while sales in the Americas rose by 5%, led by good performance in the US.
The Asia-Pacific region - its biggest market - posted a rise in sales of just 2% at actual rates, the group said, due to a severe sales contraction in Hong Kong.
In terms of categories, Richemont boasted a 6% growth in sales at its jewellery unit, with the performance of Cartier, Van Cleef & Arpels and Buccellati being "particularly noteworthy," it said.
Richemont shares are bubbling today, up 5% in morning trading, largely outperforming a 0.6% rise in the STOXX Europe 600 Personal & Household Goods index. The stock has already risen by 6.4% year-to-date.
Copyright (c) 2020 CercleFinance.com. All rights reserved.