Compagnie Financiere Richemont SA’s revenue rose in its third quarter, as e-commerce and sales in Asia helped alleviate Europe’s continued harsh environment, turning revenues into revenue. positive after previous year ‘s sharp decline.
Revenues rose to 4.19 billion euros ($ 5.08 billion) in the three months to December 31, the Swiss luxury goods conglomerate said, up 5% at a stable currency from EUR 4.16 billion in the same period a year earlier. The group had posted a 26% sales decline in the first half of its fiscal year.
Analysts had seen 3Q revenue at EUR4.01 billion, according to a consensus of five estimates provided by FactSet.
Asia-Pacific excluding Japan left the yield with a 25% increase in sales to EUR1.73 billion, Richemont said, citing an “strong” 80% increase in China. Sales in the American region were close to flat on a year-over-year basis at EUR841 million, while Europe saw a 20% decline to EUR982 million from EUR1.26 billion previously. This was due to restrictions associated with pandemic disease and a continuing lack of tourism, Richemont said.
At the same time online sales maintained 17% growth, as did retail sales, offsetting an 8% decline in wholesale, Richemont said.