Richemont’s six months sales down 26%
Sales for the half year decreased by 26% at actual exchange rates to € 5,478 million. Positive trends has been observed throughout the second quarter, with sales down by 5%, following a 47% decline in the first quarter. Sales in China up by 78% contained the decline in Asia Pacific to mid-single digit, and partly mitigated double digit declines in Europe, the Americas and Japan. Online retail channel sales down by 4% benefited from triple digit growth in online retail sales at the Maisons which now account for 7% of Group sales excluding Online Distributors Jewellery Maisons showed strong resilience with sales in the second quarter growing by 4%, leading to an operating margin of 30.1% for the half year. Group operating profit was down to € 452 million with an 8.3% operating margin and profit for the period down to € 159 million.