Published: 06 Sep 2012 08:24 GMT+02:00 | Print version
Updated: 06 Sep 2012 08:24 GMT+02:00
Swiss luxury goods group Richemont's sales catapulted by 23 percent year-on-year in the first five months of its 2012-13 accounting year, the company announced on Wednesday ahead of its annual assembly.
"The weakening of the euro against the dollar, in particular, had a positive impact on the group's reported sales," it said in a statement.
The group, which owns the Cartier, Piaget, Jaeger-LeCoultre and Montblanc brands, said that at constant exchange rates the rise in sales for the period ending August 31st stood at 13 percent.
During the same period last year, Richemont saw its sales, at constant exchange rates, jump by 35 percent.
"The prevailing economic uncertainties, the moderation in sales growth since May and the very strong basis of comparison do not prevent us from
maintaining our ambitious investment programme," company chief executive Johann Rupert said in a statement.
"Indeed we remain confident in the long term potential" of Richemont's brands, he added.
On a region-by-region basis, the company said sales in Europe during the past five months had jumped by 23 percent in terms of actual exchange rates and by 19 percent seen in constant rates, the numbers for Asia-Pacific were 27 and 12 percent and for the Americas they were 19 and six percent.
Richemont, which is set to report its half-year results on November 9th, confirmed the outlook given last month that operating profit for the period
would be 20-40 percent higher than last year.
"The increase in net profit for the six-month period is also likely to be in that range," Rupert said.
Following the news, Richemont saw its share price inch up 0.59 percent to 59.50 Swiss francs in mid-morning trading.
After going undefeated throughout the world ice hockey championship tournament, Switzerland finally succumbed to home town favorite Sweden in the final, losing 5-1 in Stockholm on Sunday. READ () »
Switzerland will play hosts Sweden in the final of the world ice hockey championships on Sunday after each side registered a 3-0 semi-final victory over the United States and Finland respectively. READ () »
Jewellery worth more than $1 million made by Swiss luxury watchmaker and jeweller Chopard and due to be loaned to stars walking the red carpet at the Cannes film festival were stolen from a hotel, French police said on Friday. READ () »
Chinese Premier Li Keqiang embarks this weekend on his first foreign trip since taking office, with a stop in Switzerland on the itinerary and free trade talks between the two countries close to completion. READ () »
The Salvation Army band carrying Switzerland’s hopes into the Eurovision Song Contest was vanquished on Thursday night in Malmö, Sweden. READ () »
More than a third of Geneva’s active working population lives outside the canton, with the majority residing in neighbouring France and the rest largely in the canton of Vaud, according to a report issued on Thursday. READ () »
International Cycling Union (UCI) president Pat McQuaid can count on the support of the Swiss federation in his bid for re-election, the sport's global governing body said on Thursday. READ () »
Switzerland headed to the world ice hockey championship semifinals after a 2-1 win over the Czech Republic on Thursday in Stockholm. READ () »
The chairman of newborn mining and commodities giant Glencore Xstrata, John Bond, was on Thursday axed by its annual general meeting in Zug, just weeks after the Swiss-based group was created via a merger of two key players. READ () »
United Nations chief Ban Ki-moon has nominated former Kenyan minister and member of parliament Mukhisa Kituyi to lead the UN's Geneva-based trade and development body when the current chief steps down at the end of August. READ () »