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FinancialsFeb 06, 2016
Richemont Says Sales in the Americas ‘Subdued’
They slid 3 percent at constant exchange rates, with sales growth by Van Cleef and Cartier offset by soft demand for watches.
Geneva--Removing the effect of currency fluctuations, Richemont’s sales in the Americas declined in the third quarter, with sales growth by Van Cleef & Arpels and Cartier offset by soft demand for watches.
That is a 3 percent drop at constant exchange rates but a 9 percent increase at actual exchange rates, aided by the weak Euro. (The Euro is Geneva-based Richemont’s reporting currency.)
The luxury goods conglomerate described sales in the Americas region as “subdued,” particularly among the retail jewelers that carry its watch brands, which include Baume & Mercier, Jaeger-LeCoultre, IWC and Vacheron Constantin.
Globally, Richemont reported a 4 percent decline in sales at constant exchange rates, partly due to the decline in tourism in Europe following the November terrorist attacks in Paris.
The drop in sales was in line with analysts’ expectations for the quarter.
At actual exchange rates, however, group sales were up 3 percent, again due to the weak Euro. Revenue increased from $3.09 billion in the third quarter 2014 to $3.19 billion in the third quarter 2015.
Richemont said that sales at its boutiques continued to “significantly outperform” the wholesale channel.
In the third quarter, retail sales were flat at constant exchange rates and rose 8 percent at actual exchange rates.
Wholesale sales, meanwhile, declined 8 percent at constant exchange rates and 3 percent at actual exchange rates.
Richemont is scheduled to report its results for the fiscal year ending March 31 on May 20.
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