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Richemont Group First Quarter 2019 Results Show Solid Double-Digit Growth

Increase of sales, even excluding online operations!

| By Brice Goulard | 2 min read |

While yesterday Swatch Group announced mild results with declining sales, it is now time for its main competitor, Richemont Group, to publish its financial results for the first quarter ended 30 June 2019 (note: Richemont’s financial year starts on April 1st). And the report is overall positive, with certain exceptions on some regions and activities. 

On the first three months of its year 2019 (April-June), the Richemont Group (that includes brands like IWC, Lange & Söhne, Jaeger-LeCoultre, Panerai, Cartier, Vacheron Constantin or Piaget) reported sales up by 12% at actual exchange rates and by 9% at constant exchange rates (compared to the prior-year period), at EUR 3.7m compared to EUR 3.3m on the same period in 2018.

It must be noted that, excluding online activities (Yoox Net-a-Porter and Watchfinder & Co.), sales are up 6% at actual exchange rates and by 3% at constant exchange rates.

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As for regions, Richemont Group reports double-digit growth in Japan and Asia Pacific, notably in mainland China, and high single-digit growth in the Americas more than compensated for decreases in Europe and the Middle East and Africa.

In Europe, sales were 1% lower compared to the prior-year period. Growth in Asia was led by mainland China, where strong sales were supported by lower VAT and custom duty rates; sales in Hong Kong retreated, additionally impacted by the relative strength of the Hong Kong dollar and the recent street protests.

Looking at the activities, Richemont Group’s increase in sales is mainly driven by the Jewellery Maison, notably Cartier and Van Cleef and Arpels that report a 7% growth in sales. Specialist Watchmakers’ sales were 2% lower than in the prior-year period, partly due to the initiatives mentioned above and to the phasing of product launches, most of them being due in the second quarter of this financial year.

No outlook for the second half of the year 2019 is given yet by the Richemont Group, however, sales are expected to be on the rise over all the activities, including the watchmaking division and its future launches.

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