Richemont's Sales Soar in Early Sign of Luxury Recovery [Yahoo! Finance Canada]
HERMES INTL SA UNSP/ADR (HESAY)
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Source: Yahoo! Finance Canada
Most Read from Bloomberg Sales soared 10% during the three months through December at constant exchange rates, Richemont said Thursday. Analysts had expected a gain of less than 1%. The Americas and Europe drove the performance, with purchases of expensive jewelry offsetting weak watch sales, which have weighed on the group's performance. “We view these results as exceptionally strong,” Piral Dadhania, an analyst at RBC Capital Markets, wrote in a note. The performance lifted shares of Richemont by as much as 18% in early trading and boosted other luxury groups on optimism the worst may be over for the industry, which has faced cooler demand for high-end goods after years of aggressive price increases. Though Richemont's greater exposure to jewelry gives it some insulation from the volatility of other fashion categories, rivals also rose on the news. LVMH gained as much as 8.6% in Paris, while Hermes International climbed 6%. Even Richemont's performance in the Asia Pacific r
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