1034 GMT - Richemont's regional trends provide positive read-across for the luxury sector, Barclays analysts Carole Madjo and Wendy Liu say in a note. The Swiss luxury company reported third-quarter sales of 6.15 billion euros, 10% higher on year. The group recorded double-digit growth in all markets, except in the Asia-Pacific region due to weak demand in China. Sales in the Americas rose 22% during the quarter, confirming the exceptionally resilient trend of Richemont-owned brands with U.S. consumers, the analysts say. "Improving trends in America and the absence of further deterioration in China is also reassuring for the rest of the reporting season," the analysts say. Shares are up around 17% at 162.60 Swiss francs. (andrea.figueras@wsj.com)
(END) Dow Jones Newswires
January 16, 2025 05:34 ET (10:34 GMT)
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