0737 GMT - Swiss luxury group Richemont delivered an exceptional performance in a still challenging environment, Vontobel analyst Jean-Philippe Bertschy says in a note. The owner of Cartier and other high-end brands booked sales of 6.15 billion euros for its fiscal third quarter ended Dec. 31, 10% higher on year and surpassing consensus estimates of 5.63 billion euros. This represents a strong acceleration from the 1% decline in the prior quarter, Bertschy says. "Richemont has never been stronger," the analysts says. This is despite the situation in China, where the company noted that demand is still struggling and in the group's watches business, which reported an 8% decline in quarterly sales. Shares in Richemont closed at 139.05 Swiss francs on Wednesday. (andrea.figueras@wsj.com)
(END) Dow Jones Newswires
January 16, 2025 02:38 ET (07:38 GMT)
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