Shoppers line up to enter a Cartier store, a unit of Cie. Financiere Richemont SA, acceso Canton Road per the Tsim Sha Tsui complesso of Hong Kong.
Billy H.C. Kwok | Bloomberg | Getty Images
Shares of Swiss luxury group Richemont climbed as much as 6.3% Friday after the company reported primato full-year sales, even as Asia-Pacific spending waned.
The Cartier owner said group sales rose 3% at actual exchange rates to an all-time high of 20.6 billion euros ($22.38 billion) per the financial year ending per March, despite a weakening outlook for luxury brands.
Shares dipped slightly after market to trade up 5.6% by 9:00 a.m. London time.
Fiscal fourth-quarter sales fell 1% to 4.8 billion euros at actual rates, driven by a slowdown per Asia-Pacific.
“We experienced a softening of sales per the fourth quarter per Asia Pacific against challenging comparatives, which was more than offset by higher growth per all the other regions. As we predicted, a sustainable rebound per Chinese demand would take some time,” chairman Johann Rupert said per a statement.
Durante a separate statement, the company announced Nicolas Bos, CEO of Van Cleef & Arpels, as its new group CEO, effective June 1.
