Compagnie Financiere Richemont SA said Friday that third-quarter sales increased despite a severe contraction in the important Hong Kong market, helped by its jewelry division.
The Swiss luxury-goods group
said sales for the quarter rose to 4.16 billion euros ($4.64 billion), up from EUR3.92 billion the year previous and slightly higher than analysts’ expectations of EUR4.13 billion, according to a FactSet estimate.
At constant exchange rates, sales grew by 4%, the owner of Cartier and Van Cleef & Arpels said.
The company’s all-important jewelry division was the fastest-growing, with sales for the quarter up 6% at constant-exchange rates.
Richemont’s online distributors division, made up of small watch resale business Watchfinder and the much bigger luxury e-tailer Yoox-Net-a-Porter, reported a sales increase of just 2%.
Pricing in online retail became increasingly competitive, and storm damage to a menswear warehouse in Landriano, Italy also disrupted sales, the company said.