(CercleFinance.com) – The group recorded double-digit revenue growth in the 1st quarter (ended June 30) to €5,264 million at real exchange rates (+20%) and at constant exchange rates (+ 12%).
Jewelry houses recorded 20% growth in sales at actual exchange rates (+12% at constant rates). The Specialized Watchmakers sector grew by 18% at real exchange rates (+10% at constant exchange rates). The Online Distributors business is up 8% at actual exchange rates (+2% at constant exchange rates).
Sales growth was driven by strong double-digit increases in Europe, the Americas and Japan. Sales in Europe increased by 42%. Growth was strong in all markets, particularly in France where sales increased by three digits. Mainland China sales were down 37% for the quarter, although the rate of decline eased to 12% in June.
All channels recorded sales growth. Retail sales were up 18%, driven by double-digit increases across all lines of business and strong performances in Europe, the Americas and Japan.
The Group’s net cash as of June 30, 2022 amounted to €5.4 billion (2021: €3.6 billion).
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