Richemont gives cautious Asia outlook as sales stall
ZURICH Jan 21 (Reuters) - Luxury goods group Richemont , maker of Cartier jewellery, gave a cautious outlook on Monday after slowing wholesale demand for its pricey products pushed third-quarter sales growth below forecasts.
Sales rose 5 percent at constant exchange rates between October and December to 2.862 billion euros, missing forecasts for a 7.6 percent rise in a Reuters poll as the previously booming Asia-Pacific region reported no growth.
"At this stage, it is unclear how business patterns may develop and how the business in the Asia Pacific region will evolve in the near future," Richemont said in a statement. (Reporting by Emma Thomasson)
- China anxiety knocks shares, oil
- NATO countries have begun arms deliveries to Ukraine: defense minister |
- Alibaba worried about Facebook IPO as considered Nasdaq versus NYSE
- North Korea sentences U.S. citizen Matthew Miller to six years hard labor |
- U.S. sees Middle East help fighting IS, Britain cautious after beheading