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Richemont, the maker of Cartier jewelry and IWC Schaffhausen timepieces, reported its first decline in Christmas revenue since 2008 amid weak demand for watches in Asia.
Revenue excluding currency shifts slipped 4 percent in Richemont’s fiscal third quarter, which ran through December, the Geneva-based company said Thursday in a statement. Analysts had predicted a 3 percent decline, according to the median estimate in a Bloomberg News survey.
The maker of Montblanc pens said the fourth quarter will remain challenging. Swiss watch export figures for November bode ill for the industry’s year-end performance as shipments to Hong Kong, its largest market, slumped 28 percent.
The company, whose full name is Cie. Financiere Richemont SA, doesn’t report profit for its fiscal third quarter. Total revenue rose 3 percent 2.93 billion euros ($3.2 billion).
By Corinne Gretler, Bloomberg. Read full article.