0821 GMT - Richemont's watch division's worse-than-feared performance weighed on the group's overall results, Bernstein analysts write in a research note. The Swiss luxury company booked sales for the second quarter ended September of 4.81 billion euros, down 1% on year excluding currency movements. Its specialist watchmakers business posted a 19% decline in quarterly sales at constant exchange rates to 746 million euros. For its part, the core jewelry business--which accounts for the bulk of group profits--showed a resilient performance, the analysts say. The division booked quarterly sales of 3.44 billion euros, up 4% on year at constant currency. Shares are down 3.2% at 123.70 Swiss francs. (andrea.figueras@wsj.com)
(END) Dow Jones Newswires
November 08, 2024 03:22 ET (08:22 GMT)
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