GENEVA (dpa-AFX) - Swiss luxury goods group Compagnie Financiere Richemont AG (CFRUY.PK) reported that its third-quarter total sales rose about 1% to 4.19 billion euros from 4.16 billion euros in the prior year.
At constant exchange rates, quarterly net sales increased 5% from last year, driven by 25% sales growth in Asia Pacific where robust results in China (+80%) and Taiwan (China) (+29%) more than offset declines in other Asian locations.
At constant exchange rates, quarterly sales in Europe declined by 20%, affected by renewed public health protection measures and a halt in tourism. In the Americas, sales rose by 3%, supported by relatively strong domestic sales. The strong 27% sales increase in the Middle East and Africa reflected good performance across channels, resumed tourist spending in Dubai and solid domestic spending, notably in Saudi Arabia.
Sales in Japan rose by 1% at constant exchange rates, benefiting from resilient local demand before public health measures were re-instated in major population centres.
The Group's net cash position at 31 December 2020 amounted to 2.9 billion euros, compared to 2.4 billion euros in 2019.
Copyright RTT News/dpa-AFX
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