Luxury goods company Richemont has reported that its sales rose ‘in most regions’ for the five months ended 31 August 2017, translating into an overall 12% increase at constant exchange rates and by 10% at actual exchange rates.

Richemont management says ‘excluding the exceptional inventory buy-backs in the comparative period, constant currency sales increased by 7% for the period.

HEALTHY SALES PICTURE

Sales increased in all regions, led by Asia Pacific region, which returned double-digit, increases in most markets, including China and Hong Kong, where a large part of the exceptional inventory buy-backs took place in the comparative period.

The company added: “The 3% growth in Europe reflects contrasted performances within the region as well as the emerging negative impact of a strong euro on tourist spending. In the United Kingdom, however, sales grew at a double-digit rate benefiting from favourable currency movements.

Richemont 5 months ended 31 August 2017. Click to enlarge.

“In Japan, growth reflected higher domestic and tourist spending. Sales in the Middle East showed subdued growth, impacted by geopolitical uncertainties.”

SOLID GROWTH IN ASIA PACIFIC

The luxurygoods firm points to ‘solid growth’ in Asia Pacific, Japan and the Americas, with retail sales driven mainly by strong performances ‘in the Jewellery Maisons and the Specialist Watchmakers’.

The period also saw the reopening of the company’s Cartier flagship stores in New York and Tokyo one year ago.

Meanwhile, the company added that the 11% increase in wholesale sales ‘primarily reflects the impact of the non-recurrence of the exceptional inventory buy-backs’.

At the same time, Richemont’s other businesses reported sales growth overall, with most Maisons showing continued progress. The company says that the results for the six-months ended 30 September 2017 will now be announced on 10 November 2017.