Lancel sales marginally lower at Richemont

23 Jan '08

3 min read

Richemont presents its interim management statement for the three months ended 31 December 2007.

Movement at Interim Management Statement:
This statement is intended to provide investors with an overview of trading performance and any significant developments in the Group, not full quarterly financial reporting. Accordingly, no figures in respect of operating or attributable profit are provided in this report.

Equally, no commentary is given here on the performance of the Group's principal associated company, British American Tobacco plc. The information contained in this report has not been audited.

Overview:
The three months ended 31 December 2007 saw strong demand for the Group's luxury products, with underlying sales growth at 14 per cent at constant exchange rates. At actual exchange rates, sales increased by 8 per cent to € 1 673 million.

Although the strongest sales growth during the period was reported in the Asia-Pacific and Europe regions, sales for the quarter in the Americas region increased by 10 per cent at constant exchange rates.

The Group overall enjoyed good growth in underlying sales during the first two months of the quarter. However, December saw underlying growth of 10 per cent, as demand in the US and Japanese markets slowed somewhat.

Jewellery Maisons:
The Group's Jewellery Maisons reported underlying sales growth of 15 per cent during the period. Cartier saw good growth in the Asia-Pacific region and Van Cleef & Arpels reported very strong growth in all regions, albeit from a lower base.

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