Swiss luxury goods group Compagnie Financiere Richemont AG (CFRUY.PK) on Monday reported a 24 percent growth in sales for the third quarter at actual and constant exchange rates, reflecting growing demand in Asia-Pacific. The company also reaffirmed its operating profit forecast for the year.
For the quarter ended December 31, 2011, total sales increased to 2.62 billion euros from 2.11 billion euros in the same quarter last year.
On an actual basis, retail sales increased 28 percent, helped by the boutique network expansion program, particularly in the Asia-Pacific region, demand for jewellery and the performance of Net-a-Porter. Wholesale sales gained 20 percent in the quarter.
Segment-wise, Jewellery Maisons improved sales by 25 percent to 1.36 billion euros. At Specialist Watchmakers, sales gained 28 percent to 697 million euros. Montblanc Maison sales grew 2 percent to 220 million euros.
Geographically, Asia-Pacific sales climbed 36 percent to 1.05 billion euros, helped by strong demand in Hong Kong and mainland China in particular. In the first half of the year, sales in the region had surged 48 percent to 1.72 billion euros. Richemont said today that the decline in the sales growth rate, compared to the first six months, reflects demanding comparative figures and a general convergence towards more sustainable, long-term growth rates.
Sales in Europe, which includes the Middle East and Russia, advanced 16 percent to 914 million euros, benefiting from purchases made by travellers.
In the Americas, sales improved 23 percent to 382 million euros owing to growing demand for jewellery and watches as well as Net-a-Porter's performance.
Commenting on quarterly sales, Johann Rupert, Executive Chairman and Group Chief Executive Officer of the company, said, "The Group's overall performance remains solid. The growth in sales reflects growing demand in Asia-Pacific, our Maisons' creativity and the lasting appeal of our products. ..Sales in the month of December were 21% above the prior period at actual and constant exchange rates."
Based on the performance so far in the fiscal year, the company reconfirmed that operating profit for the full year will be significantly higher than last year.
The stock closed in Zurich on Friday higher by 0.69 percent at 50.70 Swiss francs on 1.5 million shares.
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