Richemont 3Q Feels Effect of Yellow Vests, China Trends Hold Up -- Earnings Review
11 Januar 2019 - 4:17PM
Dow Jones News
By Cristina Roca
Switzerland's Compagnie Financiere de Richemont reported
third-quarter sales on Friday before markets opened. Here's what we
watched:
SALES RESULTS: The luxury-goods company posted third-quarter
revenue of EUR3.92 billion, falling squarely in line with a
consensus estimate provided by FactSet.
WHAT WE WATCHED:
-YELLOW VEST EFFECT: Richemont's sales in Europe dropped
compared to the same period last year. The company said the "yellow
vest" movement in France, which forced it to close stores on six
consecutive Saturdays, was one of the reasons.
-CHINA SLOWS DOWN: Mainland China trends held up, posting
double-digit growth, despite Deutsche Bank's concerns that waning
demand for hard luxury would drag. However, sales in Hong Kong were
weaker due to the strength of the Hong Kong dollar against the
yuan. Overall, organic growth in Asia Pacific slowed to 10% from
17% in 1H.
-...BUT LOVES BLING: Sales at Richemont's jewelry brands grew
organically by 8%--slightly slower than in 1H, when they grew by
9%. Bryan Garnier analysts note that the store closures in France
were hurt sales in this category.
Write to Cristina Roca at cristina.roca@dowjones.com;
@_cristinaroca
(END) Dow Jones Newswires
January 11, 2019 10:02 ET (15:02 GMT)
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