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financial

Richemont Sales Rise 8 Percent, Stock Falls

Third-quarter sales at Compagnie Financiere Richemont rose 8 percent to 1.67 billion euro, or $2.44 billion, in line with analysts' forecasts, but the stock market gave the news a chilly reception.

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LONDON  Third-quarter sales at Compagnie Financiere Richemont rose 8 percent to 1.67 billion euros, or $2.44 billion, in line with analysts' forecasts, but the stock market gave the news a chilly reception.

On Wednesday morning, Richemont shares tumbled 6.81 percent, with investors keying into flat sales in the U.S., and a 6 percent drop in sales in Japan. Sales in both those markets slowed in December, Richemont said.

However, a Richemont spokesman told WWD the company was happy with the quarterly sales. “Sadly, the market is very nervous right now, but from our perspective, the business is in good shape,” he said.

For complete coverage, see Thursday's WWD.