CFRUY Compagnie Financiere Richemont (PK)

   By Cecilia Butini 
 

Shares in Compagnie Financiere Richemont slid in opening trade on Monday after the company posted sales figures that were slightly below expectations.

At 0727 GMT, shares traded 8.3% lower at CHF141.05.

Richemont's sales for the quarter ending on March 31 grew on year, reaching 5.32 billion euros ($5.97 billion) from EUR4.65 billion the year prior, but came slightly short of consensus expectations that saw them at EUR5.43 billion.

Analysts at Citi said in a note that the miss to consensus was entirely due to the U.S. turning negative. Japan, on the other hand, continued to surprise positively and Asia and Europe were pretty much in line with expectations, according to the analysts.

Richemont's jewelry business, named Jewellery Maisons, was the main driver of the sales increase, and Citi analysts see its momentum holding up. On the other hand, Specialist Watchmakers, the company's watches division, isn't yet fully benefiting from restocking in the China region, according to Citi. The division still grew 10% in the quarter, according to company figures.

Write to Cecilia Butini at cecilia.butini@wsj.com

(END) Dow Jones Newswires

July 17, 2023 03:52 ET (07:52 GMT)

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