Richemont: sales up just 5%; affected by 'yellow vests'
(CercleFinance.com) - Cartier and Van Cleef & Arpels owner Richemont said that its sales rose by just 5% in the final three months of 2018 as business was affected by the "yellow vests" movement in France.
Sales at Richemont increased by 5% at constant exchange rates to 3.9 billion euros in the three months to December, the Swiss luxury group said this morning.
Including Yoox-Net-A-Porter and Watchfinder, sales rose by 24% at constant exchange rates compared to the same period last year.
Growth in China offset the decrease in Europe, where sales were burdened by social unrest in France, which has negatively impacted tourism and has resulted in store closures for six consecutive Saturdays, it said.
The shares, however, were up 3% at 67.7 Swiss francs in Zurich after these comments.
Copyright (c) 2019 CercleFinance.com. All rights reserved.
Sales at Richemont increased by 5% at constant exchange rates to 3.9 billion euros in the three months to December, the Swiss luxury group said this morning.
Including Yoox-Net-A-Porter and Watchfinder, sales rose by 24% at constant exchange rates compared to the same period last year.
Growth in China offset the decrease in Europe, where sales were burdened by social unrest in France, which has negatively impacted tourism and has resulted in store closures for six consecutive Saturdays, it said.
The shares, however, were up 3% at 67.7 Swiss francs in Zurich after these comments.
Copyright (c) 2019 CercleFinance.com. All rights reserved.