News Flash

Lancel sales marginally lower at Richemont

23 Jan '08

3 min read

Specialist watchmakers:
The Group's specialist watchmakers saw good demand during the period, with underlying sales growth of 16 per cent. Piaget, IWC and Panerai performed particularly well.

Leather and accessories Maisons:
Alfred Dunhill reported continuing good sales growth, particularly through its own boutique network. Lancel's sales were marginally lower than the comparative period at actual exchange rates.

The increase in sales of other businesses included the positive impact of watch component manufacturing acquisitions made during the current financial year. Chloé achieved underlying sales growth of 9 per cent.

Movement at Europe:
The overall increase of 10 per cent at actual exchange rates reflects a continuation of the trend established during the first six months of the year.

Asia-Pacific:
The region continued to report outstanding sales growth, particularly in China and Hong Kong. Sales in the region represented 23 per cent of Group turnover during the quarter.

Americas:
In the Americas region, constant currency sales grew by 10 per cent. The increase was offset by significant exchange rate effects, resulting in sales at actual exchange rates being in line with the comparative period.

Japan:
The Japanese market remained challenging during the quarter with sales growth of 2 per cent in yen terms.

Sales by distribution channel:
At actual exchange rates, the Group's retail sales increased by 10 per cent and wholesale sales increased by 6 per cent.

Financial position:
The Group's overall financial situation did not change significantly during the quarter under review. The Group's net cash position at 31 December 2007 amounted to € 1 093 million, an increase of € 189 million over the position at 30 September 2007. This increase primarily reflected seasonal net cash inflows in respect of operations, partly offset by investing activities.

During the period, the Group acquired Azzedine Alaïa SAS, a small but prestigious French fashion house, and Donzé- Baume SA, a Swiss watch case manufacturer.

Richemont SA

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