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Investing.com -- Compagnie Financière Richemont SA (SIX:CFR), the Swiss parent of Cartier and Van Cleef & Arpels, posted €5.41 billion in revenue for the first quarter ended June 30, up 6% at constant exchange rates.
The figure came in 1 percentage point above consensus estimates, led by continued strength in its Jewellery Maisons, while margin pressures remain a concern.
Revenue at actual exchange rates rose 3% from €5.27 billion a year earlier. Sales in the Jewellery Maisons division rose 11% to €3.91 billion, exceeding the 9% growth forecast by analysts and marking a third consecutive quarter of double-digit growth.
Both jewellery and watch product lines contributed to the increase. The division’s two-year stacked growth also accelerated slightly, from 14% to 15%, according to analysts at RBC Capital Markets.
Specialist Watchmakers revenue fell 7% to €824 million, underperforming the expected 5% decline.
The Other business area, which includes the group’s fashion and accessories labels, declined 1% to €674 million, missing expectations for a 4% gain.
By region, Europe posted an 11% rise in sales to €1.3 billion, supported by local demand and tourist spending.
The Americas grew 17% to €1.34 billion, and the Middle East and Africa matched that pace at €524 million, driven by growth in the United Arab Emirates.
Asia Pacific was flat at €1.73 billion. Within the region, a 7% drop in China, Hong Kong and Macau was offset by double-digit growth in South Korea and Australia.
Japan recorded a 15% sales decline to €527 million, following a 59% surge in the prior-year quarter.
The appreciation of the yen reduced tourist spending, particularly from Chinese visitors, although local demand held steady.
RBC noted a 37-percentage-point deceleration in Japan’s two-year growth stack, with Europe also easing by 3 points.
All distribution channels grew 6% at constant exchange rates. Retail, which made up 69% of total sales, reached €3.73 billion.
Online retail rose to €323 million, and wholesale and royalty income increased to €1.36 billion.
Analysts said retail and online missed expectations for 8% growth, while wholesale outperformed a forecast decline.
Richemont’s net cash position at the end of the quarter stood at €7.4 billion, up from €7.3 billion a year earlier, after accounting for a €426 million outflow related to the April 2025 completion of the sale of YNAP to Mytheresa.