Compagnie Financiere Richemont SA (CFR.S)
22 May 2019
Fri, May 17 2019
* CEO SAYS HAS RECRUITED CEO FOR ALIBABA JOINT VENTURE, BUT HAS OTHER POSITIONS TO FILL Further company coverage: (Reporting by Silke Koltrowitz)
ZURICH Luxury goods group Richemont reported weak profitability in its watch business and online distributors in its past financial year, taking the shine off a solid sales performance in China and the United States.
* Shares down 1.2%, lag sector index (Adds management, analyst comment, background, shares.)
* EXEC SAYS GROUP HAD VERY GOOD MOMENTUM IN THE U.S. WITH DOUBLE-DIGIT GROWTH
ZURICH, May 17 Luxury goods group Richemont said sales of its watches and jewellery both grew by 10 percent in the year to the end of March, with the Americas and Asia performing well.
PARIS Cartier owner Richemont said "yellow vest" protests in France weighed on its sales at the end of 2018, but signalled healthy momentum within China that could bode well for some luxury goods rivals.
* First big luxury group to report end of year sales (Adds analyst comments, shares)