Richemont posts higher sales over holiday season

Connie Queline

Richemont posts higher sales over holiday season

Swiss luxury conglomerate Richemont reported higher sales during the holiday shopping season as well-heeled consumers spent on its pricey brands.

The Cartier owner said sales at constant exchange rates rose 8% during the three months through December, compared with the 6.91% consensus estimate of analysts.

Overall, sales amounted to €5.59 billion, just above analysts’ €5.55 billion ($6 billion) estimate.

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Richemont and other luxury firms have faced slowing demand for their wares as consumers pull back on big-ticket spending after years of aggressive price increases. British trenchcoat maker Burberry Group Plc last week slashed its annual profit forecast after disappointing Christmas sales.

Read: Burberry, Richemont put luxury to the test in Europe’s latest earnings reports

© 2024 Bloomberg

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