Richemont's Three Quarter Decline Is Lower Than Expected.

In the three quarter of 10-12 2013, CompagnieFinanci reRichemontSA (CFR.VX) Summit group Revenue grew by only 2.8% over the same period last year, to 2 billion 940 million euros, less than Bloomberg's comprehensive forecast of 3 billion 50 million euros, excluding the exchange rate floating factor, the revenue growth was 9%, unchanged from the first half of the year, and also improved by 5% compared with the same period in 2012.

CompagnieFinanci reRichemontSA (CFR.VX), which was released after its earnings announcement, was 4% lower in January 16th. At the time of the deadline, CompagnieFinanci e reRichemontSA (CFR.VX) fell 3.32% at 9:10 Swiss time at 85.80 Swiss francs.

The total sales volume of the group's largest market in the Asia Pacific region was 1 billion 131 million euros, an increase of 1.3% compared with the same period last year. The growth rate at the constant exchange rate was 6%, which was lower than the 8% of the market forecast. However, it has progressed more than 4% in the first half of the year. The group pointed out that mainland China is the only market with shrinking sales in the region.

Tourist consumption continues to drive sales in Europe and the Middle East, reaching 1 billion 83 million euros, achieving an increase of 7.1%, an increase of 9% at a constant exchange rate, an increase of 6.2% to 480 million euros in the Americas, an increase of 12% in a constant exchange rate, and a strong demand for jewellery in the region. The group's luxury electric business Net-a-Porter also prospered. Japanese sales decreased by 12.8% to 245 million euros compared with the same period in 2012, and the growth rate of 13% excluding the exchange rate was 13%.

　　 Retail channel Sales totaled 1 billion 660 million euros, up 6.8% from 1 billion 554 million euros in the same period of 2012, an increase of 14% at a constant exchange rate, 11% faster than the first half of the year, and 1 billion 281 million sales of wholesale channels, a 2% regression, mainly reflected in the cautious sentiment of business partners in the Asia Pacific region.

RenaissanceCapital analyst ReyWium told Bloomberg interview: "there is also a reduction in inventory in the world, especially in Asia, which indicates that retailers are still very anxious about the future." China's anti-corruption action has not shown signs of cooling down, and President Xi Jinping stressed in January 14th that he will maintain the high pressure of punishing corruption. ReyWium said: "we thought that retailers would start to resume inventory in the second half of 2013, but now it looks as though they may have to wait until the first half of this year."

Have Caritier Sales of Cartire and VanCleef&Arpels Van Cleef & Arpels jewelry brands increased by 3% to 1 billion 521 million euros compared with 10% at a constant exchange rate, exceeding 9% in the first half. The professional watch production department sold 817 million euros, an increase of 4.2% over the same period in 2012, but it slowed sharply compared with 8.77% in the first half. Montblanc MontBlanc sales decreased by 3.5%% to 219 million euros compared to the same period last year. Other sectors (including Chlo, Lancel, Lancel, fashion and leather brands) sold 384 million euros, an increase of only 2.67%, compared with 6% in the first half of this year, of which business growth continued to be ahead of the group average.

As of December 31, 2013, CompagnieFinanci cash reRichemontSA (CFR.VX) had a net cash flow of 4 billion 300 million euros, compared with 3 billion euros in 2012.