Compagnie Financière Richemont reported sales gained 5 percent throughout the holiday selling period, with its jewelry and fashion maisons offsetting weakness in watches and anemic consumer traffic in mainland China, then gripped by a “massive COVID resurgence.”
Revenues within the three months ended Dec. 31 totaled 5.4 billion euros. Excluding the impact from Russia, group sales rose by 7 percent at constant exchange rates.
The outcomes fell in need of consensus expectations by 5 percent, in response to equity analysts at Bernstein and RBC.
The trading update, the primary of 2023 from Europe’s big-three luxury conglomerates, points to attenuated demand for luxury attributable to high comps and amid disruptions in China at the top of last 12 months.
Against this, revenues during Richemont’s third...
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