Pen­du­lum swings for Richemont

The Times (South Africa) - - Business - Bloomberg

● Richemont has swung from a mas­sive profit warn­ing to fir­ing on all cylin­ders.

The lux­ury goods com­pany re­ported that sales ex­clud­ing cur­rency move­ments rose 12% in the five months to Au­gust 31 — the fastest sales growth for the pe­riod since 2012, helped by con­sumers snap­ping up its Cartier watches and love bracelets.

It’s a far cry from last Septem­ber, when Cie Fi­nan­cière Richemont re­ported a slump in sales and warned that its first-half profit would fall by 45%.

Richemont has been proac­tive in buy­ing back and re­cy­cling ex­cess stock to ease over­ca­pac­ity. Its shares are up al­most 50% over the past year. —

Newspapers in English

Newspapers from South Africa

© PressReader. All rights reserved.