Richemont Sales Grew in 1Q, Driven by Jewellery Business
By Cecilia Butini
Compagnie Financiere Richemont on Monday posted higher sales for the first quarter of its financial year, which it said were driven by its jewellery business and retail channel.
The Swiss-based luxury company reported sales of 5.32 billion euros ($5.97 billion) for the quarter ending March 31, up from EUR4.65 billion in the same quarter a year prior.
The increase was driven by the Jewellery Maisons business, which posted sales of EUR3.60 billion in the quarter, while the other main growth driver, Specialist Watchmakersm had sales of EUR1.06 billion. The retail distribution channel was the strongest, Richemont said.
Analysts polled by FactSet had expected first-quarter company sales to be EUR5.43 billion.
The company said the Asia-Pacific region showed a strong rebound in the quarter, which more than offset muted sales in the Americas.
Write to Cecilia Butini at cecilia.butini@wsj.com
(END) Dow Jones Newswires
July 17, 2023 02:02 ET (06:02 GMT)
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