Richemont says quarterly sales up 1% at constant exchange rates

ZURICH (Reuters) – Luxury group and Cartier-owner Richemont reported a 1% rise in sales at constant exchange rates in the three months through June, though they were down 1% at current exchange rates, the company said on Tuesday.

“At constant exchange rates, sales in the quarter ended 30 June 2024 rose by 1% to 5.3 billion euros ($5.77 billion), after growing by 19% in the prior-year period, demonstrating the Group’s resilience in a continuing uncertain macroeconomic and geopolitical environment,” the company said in a statement.

The figures follow a rocky start to the reporting season for European luxury goods companies.

On Monday, a sharp drop in sales at Swiss watchmaker Swatch and a profit warning from Britain’s Burberry hammered the firms’ shares.

($1 = 0.9184 euros)