LONDON – Sales at Compagnie Financiere Richemont SA – parent of brands including Cartier, IWC, and Dunhill – rose 37 percent in the five months to Aug. 31, reflecting double-digit increases in every product category and region, except Japan.
In a trading update, Richemont said the strong growth reflects, in part, the low comparative figures in the corresponding period last year. The sales rise also comprises results from online retailer Net-a-Porter, which Richemont acquired in full in April.
At constant exchange rates, and stripping out the impact of Net-a-Porter, sales increased by 22 per cent.
“The improved trading environment is certainly welcomed,” stated Johann Rupert, Richemont’s executive chairman and chief executive officer. “However, it is far too soon to draw any conclusions about the sustainability of the economic recovery or whether the recession is truly behind us.”
He said he was expecting Richemont to deliver “significantly higher” first-half profit compared with last year. The company, which reported percentage figures only for the five months, will release its six-month results on Nov. 12.
Europe, including the Middle East, remains Richemont’s biggest market, generating 41 per cent of overall sales. However, the most dynamic region was Asia-Pacific, including China, with a sales growth of 51 percent.
Sales in the Americas rose 52 percent, although the statement said that figure reflects a very weak comparative one in the corresponding period last year.
For complete coverage, see Thursday’s WWD.