Richemont revenue grinds to halt in Q3

ZURICH: Cartier owner Richemont reported yesterday that third-quarter revenue growth drove to a halt for the first time in six years as protests in Hong Kong disrupted sales in the biggest market for Swiss watches.

Revenue excluding currency shifts was unchanged in the three months through December, compared with the year-earlier period, the Geneva-based company said in a statement. Analysts expected 1.5% growth, according to the average estimate in a Bloomberg survey.

Sales in the Asia Pacific region declined 12% at constant exchange rates amid a difficult trading environment in most markets, especially in Hong Kong and Macau, the company, whose full name is Cie. Financiere Richemont SA, said.

That compares with the 5.8% drop analysts had estimated in a Bloomberg survey.

Richemont didn’t report profit for the fiscal third quarter.