Richemont 3Q Sales Rose Further; Jewelry, Americas Led Growth

   By Joshua Kirby 
 

Compagnie Financiere Richemont SA said Wednesday that sales picked up pace in the third quarter compared with the pre-pandemic period, with strong jewelry growth and local demand in the Americas boosting performance.

The Swiss luxury-goods group's total sales rose 32% on year to 5.69 billion euros ($6.45 billion) in the three months to Dec. 31, easily beating analysts' expectations of EUR5.08 billion, according to a consensus of estimates provided by FactSet.

The figure is 38% higher at constant currency than in the same period of 2019, before the pandemic, and represents a sharp acceleration from the 20% growth over two years seen in the second half.

Richemont's jewelry division, home to brands Cartier and Van Cleef & Arpels, led the charge, notching 57% two-year growth, while other divisions including watchmakers, fashion and online distributors also posted double-digit sales increases, the company said.

The Americas were the group's fastest-growing region in the quarter, rising 59% over two years thanks to local demand, while Europe also grew strongly on year, helping to rebalance the geographic sales mix after a recent growth shift toward Asia-Pacific, Richemont said.

Write to Joshua Kirby at [e-mail]; @joshualeokirby

(END) Dow Jones Newswires

January 19, 2022 01:47 ET (06:47 GMT)

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