News Genevan group Richemont registered a 2 % decline in third-quarter sales (October - December) during its 2002/2003 financial year. In local currencies, turnover of the world's number two in the luxury sector grew however by 4 %. This increase is in line with analysts' forecasts.
Watches, which represent nearly 50 % of the group's total turnover, saw their sales increase by 1 %, while sales in jewellery fell by 4 %. In the Asia-Pacific region, sales increased by 9 % compared to the same period in the previous financial year. In Japan, they rose by 1 % in yen, but fell by 8 % in European currency. In the United States, turnover increased by 11 % in dollars, but fell by 2 % in euros. In Europe, where results are in step with forecasts, turnover was particularly low in Germany.
February 13, 2003