RICHEMONT: TRADING UPDATE FOR THE THIRD QUARTER ENDED 31 DECEMBER 2014 Donnerstag, 15. Januar 2015 - 07:00
COMPANY ANNOUNCEMENT FOR IMMEDIATE RELEASE
15 January 2015
TRADING UPDATE FOR THE THIRD QUARTER ENDED 31 DECEMBER 2014
Financial highlights
• Sales in the quarter were flat at constant exchange rates; sales increased at 4 % at actual rates
• Performance varied across regions and product lines
• Growth in Europe/Middle East and the Americas was offset by a significant decline in Asia Pacific
October-December 2014 € m | October-December 2013 € m | Change at constant exchange rates versus prior period (%) | Change at actual exchange rates versus prior period (%) | |
Sales by region | ||||
Europe | 1 192 | 1085 | + 9 % | + 10 % |
Asia Pacific | 1 070 | 1 131 | - 12 % | - 5 % |
Americas | 547 | 480 | + 7 % | + 14 % |
Japan | 242 | 245 | + 2 % | - 2 % |
Sales by distribution channel | ||||
Retail | 1 744 | 1 660 | + 2 % | + 5 % |
Wholesale | 1 307 | 1 281 | - 2 % | + 2 % |
Sales by business area | ||||
Jewellery Maisons | 1 565 | 1 521 | - 1 % | + 3 % |
Specialist Watchmakers | 816 | 817 | - 4 % | 0 % |
Other | 670 | 603 | + 7 % | + 11 % |
Total Sales | 3 051 | 2 941 | 0 % | + 4 % |
Review of trading in the three-month period ended 31 December 2014 at constant exchange rates
Overall, third quarter trading was below the first six months of the year.
In Asia Pacific, the decline in sales reflected an unfavourable basis of comparison and a difficult trading environment in most markets, primarily in Hong Kong and Macau.
European sales benefitted from strong domestic sales and a return of visitors in the main tourist destinations, helped by favourable exchange rates.
The Americas region continued to report good growth, albeit at a slower pace than in the first six-month period. Sales were particularly driven by jewellery and the Net-a-Porter Group.
Soft domestic demand in Japan partly reflected the continued impact of the surge in purchases made ahead of the April 2014 sales tax increase. That surge led to a 47 % sales increase in the final quarter of the comparative financial year.
The period’s overall performance reflected demand for jewellery, particularly through the retail channel.
Retail continued to outperform the wholesale channel. Retail sales were supported by selective store openings, jewellery sales and Net-a-Porter.
The Jewellery Maisons reported satisfactory sales growth in their own boutique networks. The retail network performance benefitted from jewellery sales in particular.
The decline in sales by the Group’s Specialist Watchmakers reflected both caution on the part of business partners in the wholesale channel and a lower performance of some retail locations, most notably in Hong Kong and Macau.
In the Group’s other businesses, the Net-a-Porter Group continued to report growth well above the Group average.
The Group’s net cash position at 31 December 2014 amounted to € 4.9 billion (2013: € 4.3 billion).
Trading in the nine-month period ended 31 December 2014
Sales growth over the nine-month period to December was 2 % at constant exchange rates or 3 % at actual rates. Sales forthe nine months ended 31 December 2014 are presented in Appendix 1a.
Corporate calendar
The Group’s results for the current financial year will be announced on Friday, 22 May 2015.
The Company’s annual general meeting will be held in Geneva on Wednesday, 16 September 2015.
Disclaimer
The financial information contained in this announcement is unaudited.
Press enquiries Alan Grieve Director of Corporate Affairs Tel: +41 22 721 3507 E-mail: pressoffice@cfrinfo.net | Analysts' enquiries Sophie Cagnard Head of Investor Relations Tel: +33 1 58 18 25 97 E-mail: investor.relations@cfrinfo.net |
