Richemont : Lacklustre Q3 sales but China set to pick up
>Growth slows to +5% in Q3 with China down 24%, though the latter seems to be picking up in January - Richemont’s Q3 (calendar Q4) sales came to € 5,403m, reflecting y-o-y growth at constant currencies of +5% (+19% in Q2). Our estimate may have looked conservative at € 5,461m (+5% y-o-y at cc) compared with the pre-publication FactSet consensus of € 5,671m, i.e. growth of +7%/+9%, but in fact the publication came in just below our expectations and therefore more clear...Compagnie Financiere Richemont is engaged in the luxury goods market. Co.'s interests encompass some names such as Cartier, Van Cleef & Arpels, Piaget, Vacheron Constantin, Jaeger-LeCoultre, IWC, Alfred Dunhill, Montblanc and Net-a-Porter. Co.'s luxury goods businesses are separated into four segments: Jewellery Maisons (design, manufacture and distribution of jewellery products), Specialist Watchmakers (design, manufacture and distribution of precision timepieces), Montblanc Maison (design, manufacture and distribution of writing instruments) and Other Businesses (Alfred Dunhill, Lancel, ChloA(c), Net-a-Porter, Purdey, textile brands and other manufacturing entities).
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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