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Richemont's Sales Growth Weakens During the Past Five Months
Sep 17, 2014 5:46 AM
By Deena Taylor
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RAPAPORT... Luxury group Richemont told shareholders that sales growth was subdued during the five months that ended on August 31, rising just 4 percent year on year at constant-exchange rates, or 1 percent at actual exchange rates. The group did not provide hard totals, but it noted that sales were impacted negatively by the weakening of the dollar and the yen against the euro during the period. Richemont hosted its annual general meeting for shareholders in Geneva today.
The company reported that sales across Europe and the Middle East benefited from strong tourism. Sales in the Asia-Pacific remained flat at constant-exchange rates and dropped 2 percent at actual exchange rates, due to lower sales in Hong Kong, Macau and Mainland China. Sales across the Americas rose by 12 percent. In Japan, prudent consumer sentiment and a surge of sales in March ahead of a sales tax increase combined to dampen sales, which fell 8 percent during the period.
Jewelry sales rose by 2 percent year on year, while watch sales grew by 4 percent during the five-month period. The company explained that Cartier's jewelry sales continued to outperform watch sales, which suffered from weak demand and destocking particularly in Asia-Pacific.
Richemont expects to report its interim results for the first half of the fiscal year on November 7.
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Tags:
Cartier, Deena Taylor, Jewelry, Richemont
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