Cartier owner Richemont posts dip in sales
A Cartier store, owned by Richemont, in Shanghai, China, on Wednesday, July 17, 2024.
Bloomberg | Bloomberg | Getty Images
Swiss luxury group Richemont reported a 1% dip in sales through the six-month period ending in September, citing a challenging macroeconomic backdrop and tougher conditions in China.
The Cartier owner said sales came in at 10.1 billion euros ($10.89 billion) in the first half of its fiscal year, down 1% at actual exchange rates from the same period a year earlier.
Operating profit from continuing operations, meanwhile, came in at 2.2 billion euros for the six-month period, reflecting a 17% fall at actual exchange rates.
“In the first half of this fiscal year, we continued to deliver sustained resilience in a world where uncertainty has become the norm,” Johann Rupert, chairman of Richemont, said in a statement.
“We saw solid sales growth across most of our regions offsetting continued weakness in Chinese demand, which, as I had predicted, will take longer to recover and is particularly affecting our Specialist Watchmakers,” he added.
— Sam Meredith
CNBC Pro: Bitcoin’s on track to hit $100,000 after Trump’s election victory, analysts say
Bitcoin is on track to hit the $100,000 price milestone by the end of the year after President-elect Donald Trump’s election victory, according to analysts.
Trump, who on Wednesday beat Vice President Kamala Harris to win the 2024 U.S. election, had promised several pro-cryptocurrency initiatives in the months leading up to the vote.
CNBC Pro asked analysts for their bitcoin price targets, and when they expect the cryptocurrency to hit them.
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CNBC Pro: The sectors — and stocks — to buy in Asia after Trump’s win, according to analysts
Former U.S. President Donald Trump’s victory over Vice President Kamala Harris in this week’s election has raised questions about how Asia will be impacted.
“At face value, Trump 2.0 is bad news for Asia, esp[ecially] China,” analysts at Macquarie Research wrote in a Nov. 7 note, given the president-elect’s plans to raise tariffs and cut taxes.
Even so, the analysts say the region is “more prepared than in 2016” and investment opportunities remain, especially given the weaker yen and stimulus in China.
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European markets: Here are the opening calls
European markets are expected to open in mixed territory on Friday.
The U.K.’s FTSE 100 index is poised to open 23 points higher at 8,166, Germany’s DAX up 45 points at 19,412, France’s CAC up 21 points at 7,445 and Italy’s FTSE MIB down 13 points at 33,689, according to data from IG.
In corporate news, Swiss luxury group Richemont and British Airways-owner IAG are among those to report earnings on Friday.
— Sam Meredith
