Richemont shares soar after group reports strong sales
DURBAN – Swiss luxury group Richemont’s share price rose more than 5percent on the JSE on Friday after the group reported a 6percent increase in sales for the third quarter to end December to 4.16 billion (R66.66bn).
This was at actual exchange rates and by 4percent at constant exchange rates.
However, in the nine months to end December, sales were up by 8percent.
The group said it experienced strong growth in Europe and the Americas during the quarter, with Asia Pacific achieving a low-single digit, a strong double-digit increase in China and Korea more than offsetting a marked contraction in Hong Kong.
“Sales in Europe grew by 9percent, benefiting from favourable comparative numbers and strong sales in most markets. Sales in Asia Pacific increased by 2percent, driven by strong double-digit sales growth in China and Korea,” the group said.
Source: iol.co.za
