Asia-Pacific region lifts Richemont
By Karl Gernetzky - Jan 11th, 13:25
Luxury goods retailer Richemont said on Thursday that wholesale revenue declined while retail revenue grew in the nine months to end-December, reflecting the company’s shift from traditional retailers to online-based sales.
Overall revenue in Europe was down 1% when judged at constant exchange rates, while revenue in the Asia-Pacific region grew 11% and in the America’s 8%, the company said in a statement.
Total sales grew 7%, to €3.12bn from €3.09bn, reflecting a 13% increase in retail sales and a 3% decline in wholesale sales. Total sales grew 1% when measured through actual exchange rates.
The Geneva-based company had a tough prior year‚ with earnings hit by stock buybacks of underperforming luxury watch brands. Amid a decline in traditional store-based sales, the company has indicated it is seeking to become more online-focused.
Growth in the Americas region reflected a strong performance from Jewellery Maisons, the company said. Sales in the Middle East and Africa rose by 11% in constant terms, benefiting from favourable currency movements, the internalisation of external points of sales and the anticipated introduction of a value-added tax in the United Arab Emirates (UAE).
The group’s net cash position at the end of the period amounted to €5.1bn, a decline of 2%, the company said.
At 10.15am Richemont was up 0.57% at R115.25, having added 3.13% so far in 2018.
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