Richemont Posts Downbeat Q3 Sales

Compagnie Financiere Richemont SA CFRUY reported weaker-than-expected sales growth for the final quarter of 2014. Richemont's sales growth came in flat in constant currencies in the quarter, versus analysts' expectations for a 1% growth. On a reported basis, sales climbed 3.7% to EUR3.05 billion ($3.59 billion), compared to EUR2.94 billion in the year-ago period. Sales in Europe gained 10% to 1.192 billion euros, while sales in the Americas surged 14% to 547 million euros. Sales in Asia dropped 5% to 1.07 billion euros. Sales in Japan declined 2%. Retail sales gained 5% to 1.744 billion euros, while wholesale sales rose 2% to 1.307 billion euros. Richemont shares fell 1.49% to close at $8.70 yesterday.