Cartier-owner Richemont's sales dip on China downturn, jewellery shines
Adds details, background, Chairman comment
By John Revill and Mimosa Spencer
ZURICH, Nov 8 (Reuters) -Cartier jewellery owner Richemont CFR.S reported a dip in quarterly sales on Friday, as the luxury goods group largely offset tougher conditions in China with growth elsewhere.
The owner of Swiss watchmakers including IWC, Jaeger-LeCoultre and Piaget said sales fell by 1% at constant exchange rates to 4.81 billion euros ($5.19 billion), slightly above analyst consensus forecasts of 4.78 billion euros cited by HSBC.
Big sales increases in the Americas, Japan and the Middle East helped offset an 18% drop in the Asia Pacific region in the three months to the end of September.
Chairman Johann Rupert said Richemont had shown "sustained resilience in a world where uncertainty has become the norm," noting that its jewellery business continued to do well.
"Whilst I remain cautious in this uncertain context I am confident in our ability to navigate the current as well as future cycles," Rupert said in a statement, adding Richemont would continue to invest in production and marketing.
Like other luxury companies, Richemont has been battling weaker demand in China caused by the economic slowdown in the world's second biggest economy.
Its luxury rivals have reported mixed fortunes, with LVMH LVMH.PA missing third quarter sales forecasts, saying consumer confidence in China had fallen to pandemic-era lows.
Analysts have been cutting forecasts for the luxury goods sector over the past few months to adjust for the slump in China, with HSBC last week lowering its estimate for Richemont’s organic sales growth next year to 0.3% from 2.9% previously.
Richemont, which makes necklaces, earrings and bracelets under the Cartier, Van Cleef & Arpels and Buccellati brands, on Friday reported sales increasing by 4% at its jewellery business, while watches clocked a 19% downturn.
"Jewellery maisons, responsible for the bulk of group profits - produced a resilient performance," said Bernstein analyst Luca Solca, although watches performed much worse than expected.
Richemont's net profit for the first half of its financial year fell to 458 million euros from 1.51 billion euros as it took a 1.27 billion euro non-cash write down after agreeing to sell its Yoox Net-A-Porter online fashion and accessories business to German luxury platform Mytheresa 0FVy.MU .
($1 = 0.9275 euros)
Reporting by John Revill, Editing by Friederike Heine and Alexander Smith
Aset Berkaitan
Berita Terkini
Penafian: Entiti XM Group menyediakan perkhidmatan pelaksanaan sahaja dan akses ke Kemudahan Dagangan Atas Talian, yang membolehkan sesorang melihat dan/atau menggunakan kandungan yang ada di dalam atau melalui laman web, tidak bertujuan untuk mengubah atau memperluas, juga tidak mengubah atau mengembangkannya. Akses dan penggunaan tersebut tertakluk kepada: (i) Terma dan Syarat; (ii) Amaran Risiko; dan Penafian Penuh. Oleh itu, kandungan sedemikian disediakan tidak lebih dari sekadar maklumat umum. Terutamanya, perlu diketahui bahawa kandungan Kemudahan Dagangan Atas Talian bukan permintaan, atau tawaran untuk melakukan transaksi dalam pasaran kewangan. Berdagang dalam mana-mana pasaran kewangan melibatkan tahap risiko yang besar terhadap modal anda.
Semua bahan yang diterbitkan di Kemudahan Dagangan Atas Talian kami bertujuan hanya untuk tujuan pendidikan/maklumat dan tidak mengandungi – dan tidak boleh dianggap mengandungi nasihat kewangan, cukai pelaburan atau dagangan dan cadangan, atau rekod harga dagangan kami, atau tawaran, atau permintaan untuk suatu transaksi dalam sebarang instrumen kewangan atau promosi kewangan yang tidak diminta kepada anda.
Sebarang kandungan pihak ketiga serta kandungan yang disediakan oleh XM, seperti pendapat, berita, penyelidikan, analisis, harga, maklumat lain atau pautan ke laman web pihak ketiga yang terdapat dalam laman web ini disediakan berdasarkan "seadanya" sebagai ulasan pasaran umum dan bukanlah nasihat pelaburan. Sesuai dengan apa-apa kandungan yang ditafsir sebagai penyelidikan pelaburan, anda mestilah ambil perhatian dan menerima bahawa kandungan tersebut tidak bertujuan dan tidak sediakan berdasarkan keperluan undang-undang yang direka untuk mempromosikan penyelidikan pelaburan bebas dan oleh itu, ia dianggap sebagai komunikasi pemasaran di bawah peraturan dan undang-undang yang berkaitan. SIla pastikan bahawa anda telah membaca dan memahami Notifikasi mengenai Penyelidikan Pelaburan Bukan Bebas dan Amaran Risiko mengenai maklumat di atas yang boleh diakses di sini.
