Flat expectations for Richemont
RICHEMONT’S third-quarter sales were expected to be flat as watches volumes remained subdued. Vontobel said yesterday that it expected the negative impact of watch inventory buy-backs to be less than previously and saw improvement in jewellery division growth. MainFirst said selected buy-backs, weak specialist watch consumption and impact of shoppers trading down were likely to weigh on sales in the short term, but saw jewellery outperforming watches. Richemont shares gained 4.71 percent yesterday to R95.50.