Richemont SA (CFR.EB) said Thursday that its revenue grew moderately in the third quarter on the back of the good performance of its jewelry unit, but still came in below consensus estimates.
Revenue for the three months to Dec. 31 increased 1% at actual exchange rates to 3.12 billion euros ($3.73 billion), up from EUR3.09 billion a year earlier. Analysts had expected revenue of EUR3.6 billion for the Swiss company, according to a consensus forecast provided by FactSet.
At constant exchange rates revenue rose 7%, the company said.
Geneva-based Richemont, which owns Cartier and watchmakers such as Piaget and IWC, said that the rise in sales was supported by a solid showing from its jewelry unit, where sales grew 5%.
However sales didn't rise in all regions.
"In Europe, the strength of the euro and challenging comparatives in the United Kingdom weighed on sales," which declined 2% at actual exchange rates, the company said.
Full-year results will be published May 18, Richemont said.
Write to Euan Conley at firstname.lastname@example.org
Richemont's third-quarter revenue of 3.12 billion euros ($3.73 billion) is slightly above the consensus estimate of EUR3.08 billion provided by FactSet. "Richemont 3Q Revenue Rose Slightly but Misses Expectations," at 0623 GMT, erroneously said revenue missed expectations in the headline and the first paragraph. FactSet's EUR3.08 billion consensus forecast was misstated in the second paragraph as EUR3.6 billion.
(END) Dow Jones Newswires
January 11, 2018 03:49 ET (08:49 GMT)