0746 GMT - Richemont's watches business and the company's performance in China offset the resilience of jewelry and results in other markets, Citi analyst Thomas Chauvet says in a research note. The Swiss luxury group posted second-quarter sales at 4.81 billion euros, down 1% on year at constant exchange rates and below consensus estimates. This was mainly due to lower consumer spending in China and a decline in sales at the group's watches division. The performance of the core jewelry division was, however, in line with expectations. "In an uncertain demand recovery scenario, we see Richemont as a fundamentally stronger business than during prior industry downturns," the analyst says. However, shares could react negatively to today's results, he adds. Shares closed at 127.75 Swiss francs on Thursday. (andrea.figueras@wsj.com)
(END) Dow Jones Newswires
November 08, 2024 02:46 ET (07:46 GMT)
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