Richemont Q3 Jewelry Sales +20%
January 17, 11Excluding the acquisition of Net-A-Porter.com and at constant exchange rates, sales rose by the luxury firm increased by 19 percent.
Sales by the Richemont’s ‘Jewellery Maisons’ totaled €1.09 billion, a 20 percent growth at constant exchange rates. The high rate of retail sales growth, including jewelry, partly reflected the acquisition of Net-A-Porter.com. Excluding that business, total retail sales increased in the third quarter by 23 percent at constant exchange rates.
The acquisition of Net-A-Porter.com was also partially credited for the significantly higher sales in Europe. The growth of sales in Asia-Pacific reflects a continuation of the Maisons’ expansion in that fast-growing region. Sales in Japan continued to grow at a low rate in yen terms.
“Sales in the month of December grew by 17 percent at constant exchange rates and excluding the impact of the NET-A-PORTER.COM acquisition,” said Executive Chairman and Group CEO Johann Rupert.
“As indicated previously, higher comparative figures will make the final quarter of the financial year ending 31 March 2011 more challenging. Gross margin is anticipated to be negatively affected by a stronger Swiss franc given the Group's Swiss manufacturing base and by the planned changes to product lines at one of the Group's specialist watchmakers, which will be largely implemented during the coming quarter,” Rupert added.
Sales for the nine months ended December 31 increased 25 percent to €5.37 billion. Jewelry sales increased 21 percent to €2.71 billion.