Data provided by McGregor BFA
All data is delayed
Loading...
See More

Richemont sales growth slows

Jan 21 2013 08:25 Reuters

Related Articles

Richemont in JV with China jewellery giant

Richemont down as Swiss exports drop

Richemont acquires VVSA

Richemont to acquire Peter Millar

Richemont shares drop nearly 5%

Richemont drives JSE to new record

 

Zurich - Luxury goods group Richemont [JSE:CFR], maker of Cartier jewellery, gave a cautious outlook on Monday after slowing wholesale demand for its pricey products pushed sales growth in the last quarter below forecasts.

Sales rose 5% at constant exchange rates in the three months to end-December to €2.862bn, missing forecasts for a 7.6% rise in a Reuters poll as the previously booming Asia-Pacific region reported no growth. 

"At this stage, it is unclear how business patterns may develop and how the business in the Asia Pacific region will evolve in the near future," Richemont said in a statement.

Richemont said the rate of wholesale growth fell in the quarter to just 2% from 8% in the April to September period due to caution by retailers in Hong Kong and mainland China and a less favourable environment.

Boutique openings helped maintain retail sales growth at 9%, from 15% in the first half, while strong jewellery sales also helped.

The maker of IWC and Lange & Soehne watches said sales growth in the Americas accelerated to 13% from 4% in the first half, with both retail and wholesale doing well, but sales growth slipped to 9% in Europe from 19%.

Follow Fin24 on Twitter, Facebook, Google+ and Pinterest.

richemont
NEXT ON FIN24X

 
 
 

Read Fin24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
0 comments
Add your comment
Comment 0 characters remaining
 

Company Snapshot

We're Talking About: Small Business

Standard Bank is looking for 12 entrepreneurs to participate in a 10-part TV series. They could win a R1m investment into their dream.
 
 

SA political parties go to church

Leaders of different political parties have attended a church service at the Tyrannus Apostolic Church in De Deur.

 
 

Latest elections multimedia

Why Jack Parow wants you to vote on 7 May
The ad the SABC doesn't want to air
Elections 2014 in one cartoon
This year's election posters

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...
Loading...