Richemont: Q3 sales up 8%

(CercleFinance.com) - Richemont has reported an 8% increase in sales (+5% at constant exchange rates) to 5.
4 billion euros for Q3 2022-23, on the back of a strong basis of comparison basis and business disruptions in mainland China due to Covid.

The Swiss luxury group has announced sales growth in all regions, except Asia-Pacific, and across all distribution channels, driven by retail and online sales.

Richemont added that double-digit sales growth in its jewellery and other divisions (+8% and +6% respectively at constant exchange rates) offset the slight decline in the specialist watch division
(-5% at constant exchange rates).

The company also reported a further increase in its net cash position to 5.5 billion euros (+0.6 billion euros), as a result of the strong business performance over the quarter, despite the increase in the dividend and the replenishment of inventories over the year.


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