Richemont reported a 20% sales increase at constant exchange rates for the three months through June, nearly double the Bloomberg consensus forecast of 11% growth. The Swiss luxury group behind Cartier and Van Cleef & Arpels saw its shares jump as much as 7.4% to a record in Zurich, the largest intraday gain since early May. The jewelry division, which accounts for about three-quarters of the business, grew 24%, led by the Americas, while the specialist watchmakers division rose 8% with strong performances from Vacheron Constantin, Jaeger-LeCoultre and A. Lange & Sohne. Sales expanded across all regions, including a return to growth in the Middle East and Africa and a more than 20% increase in Asia-Pacific. Richemont ended the quarter with a net cash position of 9.1 billion, including 400 million from the sale of its stake in duty-free operator Avolta.
Compagnie Financière Richemont SASales surged 20%, nearly doubling forecasts, driving shares to record high.
Avolta AG
Kering SA
LVMH Moët Hennessy - Louis Vuitton
Hermes International SCA
Cullen/Frost Bankers Inc