Richemont's FY3Q Sales +24%

Richemont reported that group sales rose 24 percent year on year to $3.32 billion (EUR 2.62 billion) in the third fiscal quarter that ended December 31, 2011 driven by growing Far East demand.
“The group’s overall performance remains solid,” said Johann Rupert, Richemont’s chairman and chief executive. “The growth in sales reflects growing demand in Asia-Pacific, our Maisons’ creativity and the lasting appeal of our product.”
The luxury group reported that sales in Asia Pacific increased 36 percent at constant exchange rates to $1.33 billion (EUR 1.05 billion) during the period, while in the America’s they grew 24 percent to $484 million (EUR 382 million) and in Europe by 15 percent to $1.16 billion (EUR 914 million). Sales in Japan rose 10 percent to $345 million (EUR 272 million), Rapaport reported.
Sales at Richemont’s jewelry brands, which include Cartier and Van Cleef and Arpels, rose 25 percent to $1.73 billion (EUR 1.36 billion). Sales at its watchmakers increased 27 percent to $884 million (EUR 697 million).
Rupert explained that the second half of the fiscal year saw a slowdown in growth relative to the first half due to more demanding comparative figures and given the volatile and challenging economic environment.
For the first nine months of the fiscal year, Richemont’s  group sales rose 31 percent to $8.66 billion (EUR 6.83 billion) with its jewelry brand sales up 34 percent to $4.47 billion (EUR 3.53 billion) and its watchmaker’s sales rising 33 percent to $2.37 billion (EUR 1.87 billion).