1318 GMT - Richemont's strong performance in the Americas signals wealth creation in the U.S., partly due to booming financial markets and the Trump election, which has boosted high-end consumers, Bryan Garnier's Loid Morvan says in a research note. The Swiss luxury group exceeded sales expectations in December quarter across all regions, but the main beat was in the Americas, the analyst says. Richemont said sales in the Americas grew 22% in its fiscal third quarter, accelerating from a 12% increase the prior quarter. This points to the positive effect of wealth creation in the U.S.--Richemont's biggest market--on high-end consumers, according to Bryan Garnier. Richemont shares jump 16%. (adria.calatayud@wsj.com)
(END) Dow Jones Newswires
January 16, 2025 08:18 ET (13:18 GMT)
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