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.
© BusinessLIVE MMXVII
Britain's Ted Baker says CEO Kelvin to go on leave during probe into hugging
11/12/2018 - 10:08
Ted Baker’s CEO and founder Ray Kelvin is to take a voluntary leave of absence while allegations about his conduct are investigated, the British fashion retailer said.
Global fashion retailer LC Waikiki opens first store in Cape Town
11/12/2018 - 09:27
Global fashion retailer, LC Waikiki opened their first store in the Western Cape at Tyger Valley Shopping Centre on Saturday 08 December 2018. LC Waikiki offers on-trend, well-priced clothing for all occasions for women, men and children with the brand philosophy of “Everyone deserves to dress well”.
Shoprite opens first of its own distribution centres in Nigeria
10/12/2018 - 15:15
The Shoprite Group recently opened a new world-class distribution centre (DC) in Lagos, Nigeria.
Retail sector showing signs of revival
10/12/2018 - 11:49
A study by the Bureau of Economic Research (BER) has shown that the retail sector showed signs of a revival in the last three months of the year after the sector ran into trouble in the third quarter of the year.
Aldi opens a record number of stores in one day
07/12/2018 - 09:45
Aldi UK has opened a record eight stores on a single day as part of a tranche of 24 new outlets that are opening throughout November and December.