Richemont posts positive sales despite Asia Pacific underperformance

AlexKozlov/iStock Editorial via Getty Images Swiss luxury company Richemont (OTCPK.CFRUY), highlighted a positive trajectory in sales into 2023, despite the lingering effects of China's sales lockdowns. The company saw a 5% increase in sales for its third quarter. This was largely due to double-digit growth at its Jewelry Maisons division. According to the earnings release, "The large increase in Covid cases negatively affected customer traffic and, due staff unavailability, led a reduction in boutique opening hours or temporary closing of points of sales on mainland China, leading to an overall sales drop of 24% over the period under review." The quarter saw a 19% increase in European sales, despite a decrease in North American sales. "Sales in the Middle East and Africa region increased by 10%, benefiting also from the Qatar World Cup which added inbound tourists purchases to sustain local demand. Continue reading to learn more about Swiss watch export trends as of 2022.