Compagnie Financière Richemont SA announcing sales results of the Group for the five months ended 31 August 2017, prior to its Annual General Meeting held last week, said that its sales for the period had increased by 12% at constant exchange rates; and by 10% at actual exchange rates. “Excluding the exceptional inventory buy-backs in the comparative period, constant currency sales increased by 7% for the period,” the Company averred.
By region, Richemont saw a 3% sales growth in Europe at both, constant exchange rates, as well as at actual exchange rates for the five month period. In Asia-Pacific – the highest growth area—the Group recorded an increase in sales of 23% and 22% respectively at constant and actual exchange rates. While in the Americas the Group’s sales increased by 9% at both constant and actual exchange rates; in Japan sales were higher by 11% at constant exchange rates and 9% at actual exchange rates; and in the Middle East and Africa, sales growth was 2% at constant exchange rates and 1% at actual exchange rates for the period.
“The strong performance in Asia Pacific was supported by double digit increases in most markets, including China and Hong Kong, where a large part of the exceptional inventory buy-backs took place in the comparative period,” Richemont noted. “The 3% growth in Europe reflects contrasted performances within the region as well as the emerging negative impact of a strong euro on tourist spending.”
The Jewellery Maisons reported the highest sales growth within the various segments: increasing by 17% at constant exchange rates and 16% at actual exchange rates. Sales growth of the Specialist Watchmakers segment of the Group amounted to 7% and 6% respectively at constant and actual exchange rates for the period; while sales in the “other” category increased by 3% and 2% respectively.
Totally, the Group’s sales increase for the period was 12% and 10% respectively at constant and actual exchange rates.
Richemont stated: “The double digit sales growth during the first five months was primarily driven by strong performance in the Jewellery Maisons and easier comparative figures.”