Cartier owner Richemont beats Q4 sales forecast despite Middle East slide
The Swiss-based owner of a host of several luxury brands, including watchmakers IWC, Jaeger-LeCoultre and Piaget, saw sales rise 13% in constant currencies to €5.40 billion ($6.27 billion) in the three months to the end of March. The figure beat analyst forecasts for 5.30 billion euros in a consensus of analysts gathered by Visible Alpha.
Cartier-owner Richemont reported better than expected fourth-quarter revenue on Friday, as a fall in Middle East sales was offset by strong demand in Japan and the United States. The Swiss-based owner of a host of several luxury brands, including watchmakers IWC, Jaeger-LeCoultre and Piaget, saw sales rise 13% in constant currencies to €5.40 billion ($6.27 billion) in the three months to the end of March.
The figure beat analyst forecasts for 5.30 billion euros in a consensus of analysts gathered by Visible Alpha. Without excluding currency swings, quarterly sales were up 4%%, Richemont said, a smaller increase mainly due to the euro's strength versus other currencies.
($1 = 0.8610 euros)
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