Richemont: Covid causes 47% drop in quarterly sales

(CercleFinance.com) - Swiss luxury goods company Richemont on Thursday posted a 47% drop in sales for its first quarter ended 30 June.


The owner of jewelers Cartier and Van Cleef & Arpels said sales fell to 1.9 billion euros in the April-June period, down from 3.7 billion euros a year ago.

The Geneva-based company said that its sales were hit head on by the Covid-19 pandemic, with a double-digit drop in sales across all regions, channels and business areas, apart from a 49% increase in China.

As of 30 June, most of its stores had reopened, with exceptions in the Americas and travel retail, Richemont said.

The Zurich-listed shares fell more than 5% after this trading update.

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