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GENEVA, Switzerland — Cie. Financiere Richemont SA, the maker of Cartier jewelry, reported revenue growth for the October-December months that was short of analysts' estimates as sales in mainland China declined.
Revenue rose 2.8 percent to 2.94 billion euros ($4 billion) in the period, the Geneva-based maker of IWC watches said today in a statement. Analysts had expected sales of 3.05 billion euros, according to the average of 17 estimates compiled by Bloomberg. Sales rose 9 percent excluding currency shifts. That compares with the first-half’s 9 percent growth and an increase of 5 percent in the same period a year earlier.
Sales in Asia Pacific rose 6 percent excluding currency shifts, Richemont said. That compares with the median estimate of 8 percent for the region. China was the only major market in that region where revenue declined.
Richemont doesn’t report third-quarter profit. It reported a 0.7 percent drop in first-half operating profit in November.
By Janice Kew; Editors: Thomas Mulier, Kim McLaughlin, Celeste Perri
