Cartier Owner Richemont Posts Slight Sales Drop Amid Sluggish Demand in China
By Andrea Figueras
Cartier owner Richemont reported a slight decrease in sales for its fiscal first quarter amid slowing demand for luxury goods, particularly in China.
For the period ended June 30, the Swiss luxury-goods group booked sales of 5.27 billion euros ($5.74 billion), compared with EUR5.32 billion in the prior-year period. The result came broadly in line with analysts' forecasts of EUR5.28 billion, according to a poll of estimates compiled by Visible Alpha.
The company reported growth across all regions, except for Asia-Pacific, due to sharp declines in China, Hong Kong and Macau, reflecting a low level of consumer confidence, the group said Tuesday.
Richemont's results come after luxury peers Burberry and Swatch on Monday noted a challenging business environment, particularly in China, while Germany's Hugo Boss cut its sales guidance for the year.
Write to Andrea Figueras at andrea.figueras@wsj.com
(END) Dow Jones Newswires
July 16, 2024 02:09 ET (06:09 GMT)
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