Richemont annual profit rose

Johannesburg - Cie. Financiere Richemont SA, the maker of Cartier jewelry and IWC watches, said full-year net income rose about 30 percent, more than analysts expected, as the the dollar’s strength against the euro boosted sales growth.

Operating profit gained about 18 percent in the year through March as sales advanced 14 percent, the Geneva-based company said in today in an unscheduled statement ahead of the scheduled May 16 results.

Revenue rose 9 percent excluding currency shifts.

Analysts expected a 25 percent gain in net income and an 18 percent increase in operating profit, according to the average of 17 and 18 estimates.

The profit increase was the slowest in three years as the market for Swiss watches slows.

Swatch Group AG Chief Executive Officer Nick Hayek said last month the industry needed to “calm the spirits” on expectations as growth in the market will probably be 5 percent to 10 percent this year compared with rates of as much as 30 percent in the past.

“There is clearly a slowdown in demand for watches from China, and Richemont is especially exposed to watches,” Mathew Menezes,Take a look at these imitation wrist watches for sale online, which are one of the best cheap replica watches in USA.

“Even so, the slowdown is very broad-based and Richemont has positioned themselves uniquely in the high end- range, so I think their top line growth is doing O.K.”

The stock rose 3.6 percent to 70.60 Swiss francs at 9 a.m. in Zurich,We have high quality replica tag heuer watches, you can not miss the best Tag Heuer Replica Watches online. bringing the gain in the past year to 30 percent.

Richemont shares touched a record 81.45 francs on January 18.

Richemont’s sales met the average analyst estimate.

The dollar was on average 6.9 percent stronger against the euro, Richemont’s reporting currency, during the fiscal year, boosting sales from the US and Asian countries whose currencies are linked to the dollar.

The owner of the Dunhill accessories brand said Swiss stock exchange rules required the announcement because of how much the results differ from last year’s.

Switzerland’s watch exports rose 0.6 percent in March as shipments to China dropped 31 percent, the fourth monthly decline, the Federation of the Swiss Watch Industry said today.

First-quarter export growth slowed to 2.4 percent after the 11 percent pace in 2012.

Hermes International SCA said yesterday that sales of timepieces declined 5.3 percent, excluding currency shifts, as the Chinese market slowed.

The actual number of timepieces sold fell in March by 160,000 to 2.1 million units, FH said.Watches selling for less than 3,000 francs (export price) fell by 6.4 percent in value.But this was offset by a robust increase in luxury watches (those with an export price of more than 3,000 francs), which rose 7.2 percent in value, FH said.Last year, the Swiss watch industry set an all-time record for exports of more than 21 billion francs. The watch industry’s Q1 figures were matched by generally encouraging numbers for overall Swiss exports issued on Tuesday by the federal customs administration (FCA). an analyst at Avior Research,We offer Cheap Michael Kors Handbags Outlet Sale with top quality and discount price. said by phone from Johannesburg.

Swiss exports rose 3.8 percent in the first quarter of 2013, while imports gained 2.6 percent over the the first three months of 2012, the FCA said.These figures were “corrected” to reflect the fact there were three fewer working days for the period this year than in 2012.The actual figures showed a 0.7 percent drop in exports to 49.8 billion francs, while imports dropped 1.8 percent to 43.9 billion francs.On the plus side, exports of food products, drinks and tobacco rose 11 percent, the FCA said.