Richemont 1Q Sales Surged in Europe, Slumped in China
15 July 2022 - 4:19PM
Dow Jones News
By Joshua Kirby
Compagnie Financiere Richemont SA said Friday that a return of
tourism to Europe helped drive double-digit sales growth in the
first quarter of its fiscal year, offsetting the negative impact of
lockdowns in China.
The Swiss luxury-goods group reported total sales of 5.26
billion euros ($5.27 billion) in the March-June period, rising 12%
on year at constant currency from EUR4.4 billion a year earlier.
This beat expectations of EUR5.1 billion, according to a poll of
analysts' estimates compiled by FactSet.
Sales in Europe rose by 42% in the period, the Cartier owner
said, pointing to a recovery in spending from American and Middle
Eastern tourists in the region, as well as strong domestic
demand.
This helped offset a sales slump in China due to strict
pandemic-related restrictions, Richemont said. In mainland China,
sales fell 37% on year, leading to a 15% drop in overall
Asia-Pacific sales, excluding Japan. However, the exit rate showed
a recovery in mainland China, with only a 12% drop in June,
Richemont said.
By channel, retail sales drove growth with an 18% increase on
year to take a 58% share of the total, compared with 55% in the
year-earlier period, the company said.
Write to Joshua Kirby at joshua.kirby@wsj.com;
@joshualeokirby
(END) Dow Jones Newswires
July 15, 2022 02:04 ET (06:04 GMT)
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