But peak festive season sales fall in the second half of its financial year.
Richemont – the Swiss-headquartered uber luxury brands group chaired and majority-owned by SA billionaire Johann Rupert – reported slowing sales growth on Friday for the half-year to the end of September as inflation pressure and geopolitical tensions weighed on economic growth internationally.
The group, which owns Cartier, Mont Blanc and Dunhill, saw profit for the period from continuing operations grow by just 3% to €2.16 billion, compared to just under €2.11 billion for the corresponding half-year.It posted headline earnings per share of 3.577 euro cents, which was slightly up on the 3.396c for the comparative interim period.
At constant exchange rates, overall group sales were up 12% and up 23% in Asia Pacific. But the group said sales were “fuelled by almost all regions and distribution channels”.Listen/read:China rebound boosts Richemont, offsets muted Americas sales “The period under review started strongly, beyond our expectations. However, growth eased in the second quarter as inflationary pressure, slowing economic growth and geopolitical tensions began to affect customer sentiment, compounded by strong comparatives,” Rupert stated in his chairman’s commentary on the results. ADVERTISEMENT CONTINUE READING BELOW “Consequently, we have seen a broad-based normalisation of market growth expectations across the industry,” he added.
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