Edition:
India

Richemont says October sales back on H1 level after dip in September


Friday, 9 Nov 2018 

Nov 9 (Reuters) - Compagnie Financiere Richemont SA ::CFO SAYS TRADING IN ASIA PACIFIC WEAKER IN SEPTEMBER THAN IN PREVIOUS MONTHS DUE TO VARIOUS FACTORS, INCLUDING WEATHER AFFECTING REGIONAL TOURISM.CFO SAYS EXPANSION OF GROUP SALES IN OCTOBER WERE AGAIN IN LINE WITH PREVIOUS MONTHS.CFO SAYS STILL CLOSELY MONITORING SELL-IN OF WATCHES.CFO SAYS DUNHILL SALES NO LONGER DECLINING.CFO SAYS DUNHILL NOT PROFITABLE YET.CFO SAYS GROUP IS INTENTIONALLY MAINTAINING SLIGHT UNDERSUPPLY OF WATCHES IN THE MARKET.CFO SAYS HAS SEEN HEALTHY TREND IN RETAIL CHANNEL FOR WATCHES IN SEPTEMBER AND OCTOBER.CFO SAYS QUITE HAPPY WITH DOMESTIC CHINESE CONSUMPTION OVER THE LAST TWO YEARS, IT REMAINS STRONG.CFO SAYS BUSINESS WITH CHINESE TOURISTS IN EUROPE ALSO DEPENDS ON EXCHANGE RATES.CFO SAYS CHINESE GOVERNEMENT HAS SIGNALLED RECENTLY INCREASED BORDER CONTROLS, WANTS DEMAND TO COME ONSHORE INTO CHINA.CFO SAYS ACQUISITION-RELATED CHARGES IN H1 MOSTLY RELATED TO AMORTISATION OF INTANGIBLE ASSETS AT ONLINE DISTRIBUTORS.CFO SAYS SHARE OF ONLINE SALES FOR ITS WATCHES AND JEWELLERY STILL IN LOW SINGLE-DIGIT AREA.CFO SAYS SEES MEANINGFUL OPPORTUNITIES TO GROW LEATHER CATEGORY ORGANICALLY, M&A NOT ON TOP OF THE AGENDA TODAY.CFO SAYS WATCH WHOLESALE NUMBERS REFLECT SELL-IN, SELL-OUT TO CUSTOMERS IS ACTUALLY HIGHER, CLOSER TO TRENDS SEEN IN RETAIL.