Luxury goods group Richemont on Friday reported higher sales in the United States and Europe in the three months to June, which offset a 37% drop in mainland China, where weakness in the economy is a worry for investors.
Richemont, maker of Cartier jewellery and IWC watches, also felt the impact of store closures in mainland China, where its sales were 37% lower for the quarter."The rate of decline softened to 12% in June when restrictions were progressively eased," Richemont said in a statement.
The company's overall sales growth of 12% at constant currency, to 5.264 billion euros , exceeded Swatch Group's first-half growth rate of 7.4% thanks to Richemont's higher exposure to the fast-growing jewellery category and an increasing share of own branded stores. RBC Capital Markets analyst Piral Dadhania said the performance was "reassuring" given the China headwind and said the improvement in China in June should provide assurances on the potential for recovery into the second quarter.
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