COMPANY ANNOUNCEMENT FOR IMMEDIATE RELEASE
21 January 2013
TRADING STATEMENT FOR THE THIRD QUARTER ENDED 31 DECEMBER 2012
*Sales in the quarter increased by 5 % at constant exchange rates and 9 %
at actual rates
*Solid growth in the Americas, lower growth rates in other regions
*Retail outperformed wholesale
October- Change at
October-December Change at constant actual
December exchange rates exchange rates
2012 2011 versus prior year versus prior
EUR m EUR m (%)
Sales by region
Europe 1 013 914 + 9 % + 11 %
Asia-Pacific 1 116 1 051 - + 6 %
Americas 452 382 + 13 % + 18 %
Japan 281 272 + 2 % + 3 %
Sales by distribution channel
Retail 1 554 1 371 + 9 % + 13 %
Wholesale 1 308 1 248 + 2 % + 5 %
Sales by business area
Jewellery Maisons 1 477 1 363 + 4 % + 8 %
Specialist 784 697 + 9 % + 13 %
Montblanc Maison 227 220 - + 3 %
Other 374 339 + 6 % + 10 %
Total Sales 2 862 2 619 + 5 % + 9 %
Review of trading in the three-month period
The following comments refer to changes at constant exchange rates.
The performance was highlighted by robust jewellery sales and continued retail
channel momentum. This was offset by a relatively weak wholesale channel,
reflecting a cautious approach by the Group's retail partners in the watch
In Europe, the performance was satisfactory: the growth in retail sales
moderated during the quarter compared to the first six months of the financial
year, whereas the wholesale trend seen in the first six months continued.
Following several years of exceptional growth in the Asia Pacific region, in
particular China, sales were flat compared to the demanding comparative
figures for the same quarter last year. While wholesale sales growth was lower
than in the first six months and in the comparative period due to the cautious
approach taken by the Group's retail partners in Hong Kong and mainland China,
boutique openings contributed to the positive trend in retail sales.
Sales growth in the Americas region improved further, with both retail and
wholesale channels reporting solid demand.
Sales in Japan grew by 2 %; a slightly lower rate than that seen during the
first six months of the year.
At this stage, it is unclear how business patterns may develop and how the
business in the Asia Pacific region will evolve in the near future. Richemont
takes a long-term view in managing its business and will continue to invest in
the development of its Maisons.
Retail sales growth slowed compared to the 15 % growth rate seen in the six
months to September.
Wholesale sales also slowed compared to the 8 % rate of the first six months,
reflecting the caution of our retail partners and the less favourable retail
environment, particularly in the Asia Pacific region.
Compared to the first six months, all business areas saw lower rates of
The Jewellery Maisons reported good sales growth in their own boutique
networks. The retail network performance benefitted from strong jewellery
The Group's Specialist Watchmakers performed well during the period. Retail
sales through the Maisons' own boutiques were the principal driver of growth.
The overall increase of 9 % reflects good double-digit growth in most cases,
although sales were lower for Maisons which are more focused on the Asia
Pacific region and which had the strongest comparatives in the comparative
Sales of the Montblanc Maison were in line with the comparative period, with
retail sales growth offsetting a decrease in sales to retail partners.
In the Group's other businesses, Net-a-Porter and Chloé reported good growth
compared to the prior period.
Trading in the nine-month period
Sales growth over the nine-month period to December was 9 % at constant
exchange rates or 17 % at actual rates. The weakening of the euro against the
dollar, in particular, had a positive impact on the Group's reported sales.
Sales for the nine months ended 31 December 2012 are presented in Appendix 1a.
The Group's net cash position at 31 December 2012 amounted to some EUR 3.0
billion (2011: EUR 2.9 billion).
The Group's results for the current financial year will be announced on
Thursday, 16 May 2013.
The Company's annual general meeting will be held in Geneva on Thursday, 12
Press enquiries Analysts' enquiries
Alan Grieve Sophie Cagnard
Director of Corporate Affairs Head of Investor Relations
Tel: +41 22 721 3507 Tel: +33 1 58 18 25 97
E-mail: email@example.com E-mail: firstname.lastname@example.org
Richemont owns a portfolio of leading international brands or 'Maisons' which
are managed independently of one another, recognising their individuality and
uniqueness. The businesses operate in four areas: Jewellery Maisons, being
Cartier and Van Cleef & Arpels; Specialist watchmakers, being A. Lange &
Söhne, Baume & Mercier, IWC Schaffhausen, Jaeger-LeCoultre, Officine Panerai,
Piaget, Roger Dubuis and Vacheron Constantin, as well as the Ralph Lauren
Watch and Jewelry joint venture; Montblanc Maison; and Other, being Alfred
Dunhill, Chloé, Lancel and Net-a-Porter as well as other smaller Maisons and
watch component manufacturing activities for third parties.
For its financial year ended 31 March 2012, Richemont reported sales of EUR 8
867 million. Operating profit for the year amounted to EUR 2 040 million.
Richemont 'A' shares are listed on the SIX Swiss Exchange, Richemont's primary
listing, and are included in the Swiss Market Index ('SMI') of leading stocks.
Richemont South African Depository Receipts are listed in Johannesburg,
Richemont's secondary listing.
Appendix 1a: Sales for the nine months ended 31 December 2012
April-December April-December Change at constant actual
2012 exchange rates exchange
2011 versus prior year rates versus
EUR m prior year
EUR m (%)
Sales by region
Europe 2 870 2 428 + 15 % + 18 %
Asia-Pacific 3 219 2 769 + 6 % + 16 %
Americas 1 150 984 + 8 % + 17 %
Japan 729 652 + 3 % + 12 %
Sales by distribution channel
Retail 4 172 3 454 + 12 % + 21 %
Wholesale 3 796 3 379 + 6 % + 12 %
Sales by business area
Jewellery 4 084 3 528 + 8 % + 16 %
Specialist 2 243 1 868 + 13 % + 20 %
Montblanc Maison 595 554 + 2 % + 7 %
Other 1 046 883 + 11 % + 19 %
Total Sales 7 968 6 833 + 9 % + 17 %
Appendix 1b: Foreign exchange rates
Average exchange rates against the euro April-Dec 2012 April-Dec 2011
United States dollar 1.28 1.40
Japanese yen 102 110
Swiss franc 1.20 1.21
Actual exchange rates for the period are calculated using the average daily
closing rates against the euro.
In terms of sales at constant exchange rates, average exchange rates for the
year ended 31 March 2012 are used to convert local currency sales into euros
for the current three-month period, the current nine-month period and
comparative figures. Exchange rate translation effects are thereby eliminated
from the reported sales performance.
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