Richemont: double-digit sales growth in Q1

(CercleFinance.com) - The Swiss luxury goods group recorded double-digit sales growth in Q1 (ended 30 June), when revenues reached 5,264 million euros at real exchange rates (+20%) and +12% at constant exchange rates.


Maisons Joaillerie recorded sales growth of 20% at real exchange rates (+12% at constant exchange rates). The Specialty Watch sector grew by 18% at actual exchange rates (+10% at constant exchange rates). The Online Retailer business grew by 8% at actual exchange rates (+2% at constant exchange rates).

Sales growth was driven by strong double digit increases in Europe, the Americas and Japan. Sales in Europe increased by 42%. Growth was strong in all markets, particularly in France where sales increased by triple digits. Sales in mainland China were down 37% for the quarter, although the rate of decline eased to 12% in June.

All channels recorded sales growth. Retail sales were up 18%, driven by double-digit growth in all business segments and strong performances in Europe, the Americas and Japan.

The company also improved its net cash position at 30 June 2022, when it reached 5.4 billion euros (vs. 3.6 billion euros the previous year).


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