Richemont Posts Higher Sales But Confirms Slowdown in Growth Trends

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 [e-mail]

(END) Dow Jones Newswires

January 18, 2024 01:43 ET (06:43 GMT)

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