Richemont Securities AG
Share Code: RCH
ISIN Code : CH0001609723
PRESS RELEASE
Richemont, the Swiss luxury goods group, reports that sales, including the
impact of acquisitions, in the Group's third quarter from October to
December 2001 were at the same level as that reported in the comparative
period of the prior year. On a like-for-like basis (including the sales of
the three watch brands acquired in December 2000 in both periods), sales
were some 8 per cent lower.
Like-for-like sales in the Americas recovered from the depressed levels seen
in September and October but for the quarter as a whole were still some 13
per cent below the prior year's levels. In Asia, including Japan, sales for
the quarter were 6 per cent below the prior year's levels. Sales in the
Japanese market, which continued to grow in local currency terms, were
adversely impacted on translation into the euro by the weakness of the yen.
Commenting on the performance during the quarter, Mr Johann Rupert, Group
Chief Executive, said, "Sales were somewhat better than we had anticipated
given the depressed economic and political climate, which prevailed during
the period. Strong sales in the prior year established a high hurdle and we
are reasonably content with the Group's performance at this difficult time."
The Group's wholesale sales were down by some 9% and retail sales by 7%. An
improving trend in retail sales was seen over the quarter, with December
sales being only 2 % below the previous year's level.
Richemont's businesses include Cartier, Van Cleef & Arpels, Montblanc,
Alfred Dunhill and Lancel as well as the prestigious watch manufacturers
Baume & Mercier, IWC, Jaeger-LeCoultre, A. Lange & S hne, Officine Panerai,
Piaget and Vacheron Constantin.
Enquiries:
Mr Jan du Plessis
Finance Director
Telephone: +41 41 710 3322
Telefax : +41 41 711 7102
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