Richemont increases its quarterly turnover
According to a press release, its receipts amounted to 5.4 billion euros. Figures which nevertheless remain lower than those anticipated by analysts.
However, the increase is less than anticipated by analysts.
KEYSTONE/MARTIAL TREZZINI
The luxury group Richemont recorded an increase in its turnover during its staggered third quarter, which ended at the end of December and was marked by Christmas purchases. However, the increase is less than anticipated by analysts.
During the period under review, revenue from continuing operations of the owner of Cartier amounted to 5.4 billion euros, an increase of 8% and 5% excluding currency effects, said a press release on Wednesday.
Compared with previous quarters, growth decelerated in particular due to a high basis of comparison and the headwinds observed in China where the health restrictions linked to Covid-19 weighed heavily on activities, notes the Geneva group.
The figures are lower than the AWP consensus. Analysts polled by the AWP news agency expected an average organic growth of 7.8% for revenue of 5.6 billion.
The jewelry division, of which the Van Cleef & Arpels brand is a part, jumped 11% to 3.72 billion euros. Excluding currency effects, growth was 8%. For watches including the IWC and Panerai brands, sales fell by 3% (-5%) to 952 million. The Other Unit, made up in particular of the Watchfinder platform, gained 10% to 729 million euros.
Over the first nine months of the staggered fiscal year from April to December, sales from continuing operations improved by 18% and by 12% in local currencies.
KEYSTONE / SALVATORE DI NOLFI
In terms of regions, Asia-Pacific, hampered by China, saw its turnover fall by 7%, while Europe grew by 17%. Japan (+30%) and the Middle East/Africa (+20%) stood out positively. China, a very important country for the luxury sector, suffered a 24% drop in sales.
Over the first nine months of the staggered fiscal year from April to December, sales from continuing operations improved by 18% and by 12% in local currencies.
ATS
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