Market Overview

Richemont Posts Downbeat Q3 Sales


Compagnie Financiere Richemont SA (OTC: CFRUY) reported weaker-than-expected sales growth for the final quarter of 2014.

Richemont's sales growth came in flat in constant currencies in the quarter, versus analysts' expectations for a 1% growth. On a reported basis, sales climbed 3.7% to EUR3.05 billion ($3.59 billion), compared to EUR2.94 billion in the year-ago period.

Sales in Europe gained 10% to 1.192 billion euros, while sales in the Americas surged 14% to 547 million euros. Sales in Asia dropped 5% to 1.07 billion euros. Sales in Japan declined 2%.

Retail sales gained 5% to 1.744 billion euros, while wholesale sales rose 2% to 1.307 billion euros.

Richemont shares fell 1.49% to close at $8.70 yesterday.


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