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Richemont : better than expected quarterly results

Richemont : better than expected quarterly results

This Wednesday, the luxury goods group Richemont whose financial year is postponed from March to March, unveiled a 1% increase in turnover at current exchange rates and 5% at constant exchange rates, to €4.19 billion for its third quarter.

 

These results, closed on 31 December last, are inevitably linked to the considerable growth in the Asia-Pacific and Middle East/Africa regions, with increases of 25% and 27% respectively, and a remarkable performance of +80% in mainland China.

 

These areas were thus able to compensate for the falls in Europe, whose results fell by 20% due to the health measures linked to the pandemic. In the United States the increase was slight, at 3%.

 

The Swiss group can therefore be pleased with the dynamism of the jewellery sector, which was the segment that generated these positive results, with a 14% increase in sales in the quarter, generated in particular by the jewellery houses Cartier and Van Cleef & Arpels.

 

On the other hand, the watchmaking segment declined by 4%, illustrating the weakness of all regions. The group’s houses, i.e. A. Lange & Söhne, Baume & Mercier, IWC Schaffhausen, Jaeger-LeCoultre, Panerai, Piaget, Roger Dubuis and Vacheron Constantin nevertheless saw their sales weighted by Asia-Pacific.

 

In terms of sales channels, Richemont recorded growth of 17% at constant rates in its digital retail business, while Yoox Net A Porter and Watchfinder posted an increase of 4%.

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At the end of this lagging financial year, the Richemont group recorded a 14% fall in sales at constant exchange rates over one year with revenues of €9.66 billion. The group is expected to share its consolidated results for the full year on 21 May.

 

Read also > BETTER THAN EXPECTED QUATERLY RESULTS FOR TIFFANY&CO

 

Featured Photo : © Richemont

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