Johannesburg - Swiss based luxury goods group Richemont
[JSE:CFR] has reported a 23% rise in sales at actual exchange rates for the five
months ended August 202‚ while sales grew 13% at constant exchange rates.
weakening of the euro against the dollar‚ in particular‚ had a positive impact
on the reported sales‚ it said.
“We can confirm that operating profit for the six months
should be some 20 to 40% higher than last year‚ as was anticipated in the
announcement made on 6 August‚” said Johann Rupert‚ executive chairperson and group CEO.
The company released the figures to coincide with its annual general meeting on
Sales analysis shows continued positive momentum across
regions. Europe was strong‚ particularly in the retail channel in major tourist
destinations. Demand in the Asia-Pacific region remained solid after two years
of exceptionally high growth.
Sales growth in the Americas slowed to 6% on a constant
currency basis‚ partly due to the timing of exceptional sales in the
comparative period. Japan showed resilience.
Retail sales growth was again higher than wholesale sales‚
reflecting a good performance in the Maisons’ existing boutiques as well as the
opening of new boutiques‚ notably in the Asia-Pacific region.
All business areas enjoyed double-digit growth in sales‚
with the exception of the Montblanc Maison which did not benefit as greatly from
“Underlying sales in the five month period advanced by 13%.
This average includes a declining month-on-month rate of growth. Nevertheless‚
the average represents a strong performance when measured against the 35%
growth seen in the comparative period last year‚” said Rupert.
“The increase in net profit for the six-month period is also
likely to be in that range‚ notwithstanding the impact of a number of factors‚
including mark-to-market adjustments in terms of the group’s foreign exchange
hedging programme. Such adjustments will only be determined at the end of
September‚” he added.
“The prevailing economic uncertainties‚ the moderation in
sales growth since May and the very strong basis of comparison do not prevent
us from maintaining our ambitious investment programme. Indeed we remain
confident in the long term potential of our Maisons‚” he concluded.
Richemont’s results for the six months to end -September 2012
will be released on November 9 2012.
Fin24 on Facebook,
Twitter and Google+.