RICHEMONT SECURITIES AG
ISIN : CH0001609723 Share Code : RCH
Richemont announces December quarter sales
Richemont, the Swiss luxury goods group, announces that sales in euro terms for
the period from October to December 2002 were 2 per cent below the prior year`s
level. However, excluding the negative impact of the strengthening of the euro
against the dollar and the yen, underlying sales rose by 4 per cent.
In a mixed trading environment, sales in Europe - the Group`s most important
region - were in line with the prior year`s level. Sales in Germany were
particularly weak, offsetting modest growth in France and Spain.
In the Asia-Pacific region, excluding Japan, sales for this period were some 9
per cent higher in constant currency terms but were in line with the prior year
on translation into euros. Sales in the Japanese market grew by 1 per cent in
yen but on translation showed a decline of 8 per cent in euro terms.
Sales in the Americas grew by 11 per cent in dollar terms over the results for
the difficult period seen last year. Again, this growth was offset by currency
movements, with sales in the region some 2 per cent lower when measured in
euros.
In the context of the overall sales decline of 2 per cent, sales of watches -
representing just under 50 per cent of total group sales - grew by 1 per cent.
Jewellery sales declined by 4 per cent despite a strong performance in the high
jewellery segment.
The Group`s retail sales in the period were in line with the prior year in local
currency terms but were some 7 per cent lower at actual exchange rates.
Wholesale sales grew by 6 per cent in constant currency terms but in euros that
growth was restricted to 2 per cent.
Richemont is also pleased to announce that it has acquired the remaining 20 per
cent of the share capital of Van Cleef & Arpels, the exclusive Parisian
jeweller, bringing the Group`s shareholding in that company to 100 %.
Richemont owns a portfolio of leading international brands including Cartier,
Van Cleef & Arpels, Piaget, Montblanc, Dunhill and Lancel as well as the
prestigious watch manufacturers Jaeger-LeCoultre, Baume & Mercier, IWC, Vacheron
Constantin, A. Lange & Shne, and Officine Panerai.
Analysts` inquiries:
Ms Sophie Cagnard Tel: +44 (0) 207 838 8581
Head of Investor Relations Fax: +44 (0) 207 838 8333
Compagnie Financi
re Richemont SA
8 Boulevard James-Fazy CH-1201 Geneva Switzerland
Telephone +41 (0)22 715 3500 Telefax +41 (0)22 715 3550 www.richemont.com
Date: 29/01/2003 08:00:00 AM Produced by the JSE SENS Department
Profile Group (Pty) Ltd. has taken care in preparing all information on this website, but does not accept any liability for errors or out-of-date information.
