Share code: RCH ISIN code: CH 0001609723
Press release
Trading statement
Richemont, the Swiss luxury goods group, today announced that its businesses
had suffered a considerable slowdown in the period since 11 September. The
positive trend in sales seen over the first 10 days of the month was
reversed such that, on a like for like basis, sales for the month of
September as a whole decreased by some 13 per cent. Whilst the United States
market was the worst affected, sales in most other markets - with the
notable exception of Japan - were also adversely impacted.
The resulting loss of gross margin contribution, together with the increase
in underlying operating costs reported at the company's Annual General
Meeting on 13 September, has had a significant adverse impact on
profitability. In consequence, the Group's operating profit for the six
month period to 30 September 2001 is anticipated to be approximately 20 per
cent below the level seen in the comparable period of last year.
Richemont's results for the six month period ended 30 September 2001 will be
released on 15 November. Further information and analyses, together with a
commentary on the outlook for the remainder of the financial year ending 31
March 2002, will be given at that time.
www.richemont.com
Compagnie Financiere Richemont AG
Rigistrasse 2 CH-6300 Zug Switzerland
Tel : 042 22 33 22
Fax : 042 21 71 02
Telex : 862 336 CFR CH
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