Strong Jewelry And Watch Sales Boost Richemont Figures

Strong sales of jewelry and watches helped boost revenues at luxury goods firm Richemont which rose overall 10 percent in its financial year to the end of March to 3.717 billion euros ($4.83 billion).

The world's second largest luxury goods company said that at constant exchange rates, sales in the year rose 13 percent.

"The positive sales trend seen in the pre-Christmas period continued during the final quarter, although at a slightly lower growth rate due to more demanding prior year comparative figures," Richemont said in a statement.

The company reported that both the Asia-Pacific and the Americas regions contributed strongly to sales growth, with rises of 26 percent and 14 percent respectively in constant currencies. Meanwhile, sales in Europe increased 10 percent.

Around 40 percent of Richemont's sales are in the Americas and Asia-Pacific regions, while Europe accounts for another 40 percent.

Richemont reported that jewelry sales, which account for more than half of its revenues and include the Cartier and Van Cleef & Arpels brands, rose 8 percent at actual exchange rates to 1.956 billion euros ($2.54 billion).

Sales of watches, including the Jaeger-LeCoultre and IWC brands, rose 13 percent to 885 million euros ($1.15 billion).

The company has benefited from a rebound in the luxury industry and an overhaul of its Cartier brand, which saw sales boosted by the launch of a number of new watches ahead of the key Christmas shopping season.

Richemont has said it expects a significant improvement in operating profit in the year to the end of March. The company declined to elaborate on the outlook ahead of the release of detailed full-year results that are scheduled for release on June 9.