Cartier owner Richemont Q3 sales rose 10 percent, China weakness remains
Shoppers shop at Galeries Lafayette SA luxury department store in Paris, France by Cie. You will pass the Cartier luxury store managed by Financiere Richemont SA.
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Cartier owner Richmont Fiscal third-quarter sales rose 10 percent even as Chinese demand weighed in, a positive sign for the health of Europe’s luxury sector during holiday shopping.
In the three months to the end of December, sales rose to 6.2 billion euros ($6.38 billion) in constant currency, which the Swiss luxury brand called its “highest ever” quarterly sales figure. That was more than the 1 percent increase expected by analysts in the RBC-quoted deal, Reuters reported.
The company reported double-digit growth in all regions except Asia Pacific, where sales fell 7%, which saw an 18% decline in the combined regions of China, Hong Kong and Macau.
The results signal a return to growth for the company, which reported a 1% decline in sales in the first half of September, citing a challenging macroeconomic backdrop and difficult conditions in China. He showed. Sales for that six-month period came in at 10.1 billion euros.
The high-end group posted record full-year sales in May, bucking the broader luxury slump until then.
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