A Panthere Cartier wristwatch on exhibition in a Luxury Cartier luxury store, operated by CIE. Financiere Richemont.
Bloomberg | Getty images
The owner of Cartier, Richemont, published on Friday the fiscal sales of the fourth quarter better than expected, since the richest spending continued to ignore global macroeconomic uncertainty.
Income in the Swiss luxury group increased by 7% year -on -year at constant exchange rates to 5.17 billion euros ($ 5.79 billion) in three months until the end of March, above the prognosis of 4.98 billion euros per analysts in an LSE survey.
The shares closed 6.9%. London time to trade at the top of Stoxx 600.
The increase in sales of the fourth quarter was directed by a two -digit growth in the group’s maisons jewelry division, which includes Cartier, Van Cleef & Arpels and Buccellati.
However, sales decreased within the company’s specialized watch segment, which presents Piaget and Roger Dubuis brands, led by weakness in the Asia and Pacific region.
Sales throughout the year increased 4% to 21.4 billion euros, the previous year and just before the expectations of analysts of 21.34 billion euros.
Sales increased annually in all regions, except Asia Pacific (for example, Japan), the largest market in the company, where decreases were led by a 23% drop in China. Japan led the annual sales growth, 25% more in real exchange rates, driven by “a strong national and tourist expense” and a weak Japanese.
“The group’s performance was robust in general, promoted by remarkable growth in our Maisons and Retail jewels, and improved the impulse in our” other “activities,” said Richemont president Johann Rupert, in a statement. The so -called company segment includes its watches used watches in Watchfinder & Co.
However, the president added that the global uncertainties would continue to require “strong agility and discipline.”
Bofa Global Research said in a note last week that Richemont faces three winds against global: gold prices, American rates and currency fluctuations, through the force of the Swiss Franco and the weakness of the US dollar.
However, bank analysts added that the company’s price power could provide a tail wind.
“We believe that Price will cover half of the winds against,” they wrote. “The prices, the mix of products and the use of greater capacity are the most obvious compensation.”
Richemont had previously informed that his “highest” quarterly sales figure in January at 6.2 billion euros, even when China’s demand weighed.
The profits, at that time, had been taken as a sign of a broader change in the besieged luxury sector. However, the spectrum of US trade tariffs and subsequent macroeconomic uncertainty have threatened to achieve once again consumer confidence and discretionary spending worldwide.
