Advertise with fastmoving.co.za
 
 

Richemont shares drop nearly 5%
Richemont shares drop nearly 5%

Richemont shares drop nearly 5%

FMCG SUPPLIER NEWS

Fin24 - Sep 12th 2012, 09:07

Johannesburg – Shares in luxury group Richemont [JSE:CFR] dropped nearly 5% in midmorning trade on the JSE on Tuesday in what traders attributed to profit-taking following the release of a profit warning by Burberry Group - another luxury group listed in London.
 

“The counter (Richemont) has had a phenomenal run recently‚ gaining just under 10% since the start of August to date‚” said Rob Towell‚ senior equities trader at Consilium Securities.

Burberry said on Tuesday it expected adjusted profit before tax for the 12 months ended March 31 2013 to be near the lower end of market expectations.

“As we stated in July‚ the external environment is becoming more challenging‚” CE Angela Ahrendts said. “In this context‚ second-quarter retail sales growth has slowed against historically high comparatives.”

At 10:57am‚ the Richemont was down 4.28% to R53 on the JSE. 

Related News

US retail sales rise as households spend more
18/07/2019 - 14:16
US retail sales increased more than expected in June, pointing to strong consumer spending, which could help to blunt some of the hit on the economy from weak business investment.

Strong Asia growth boosts Richemont’s first-quarter sales
18/07/2019 - 13:38
The luxury-goods company reports a 9% year-on-year increase at constant exchange rates.

Burberry's new logo-strewn design is a surprise hit
16/07/2019 - 14:49
Strong demand for designer Riccardo Tisci’s new fashion ranges helped revenue at British label Burberry grow faster than expected in the first quarter, sending its shares soaring as a high stakes overhaul showed early signs of promise.

Richemont lifts dividend 5% as online platforms boost sales
17/05/2019 - 08:52
Richemont chair John Rupert says group sales rose 27%, 'reflecting growth across all business areas and distribution channels.'

LVMH keeps rivals on their toes with strong first quarter
11/04/2019 - 08:46
Louis Vuitton owner LVMH set a high bar for rival luxury goods companies trying to capitalise on Chinese demand for high-end handbags and clothing, with stronger-than-expected sales growth in the first quarter.