2024-07-17 02:52:07 ET
Summary
- Richemont reporting solid Q1 results, outperforming peers, even as luxury industry sentiment deteriorates.
- We have a supportive view thanks to the company's Jewelry category division and higher-than-expected cash.
- Richemont continues to be one of our favorite companies in the luxury segment. Our buy is confirmed.
Sentiment continues to deteriorate across the luxury industry as top-line pressures persist and operating leverage declines. Following Kering profit warning in April 2024, the Q2 earnings season kicked off with disappointing results. On 15/07/2024, Burberry appointed a new CEO and published its results, reporting revenues of £458 million, down 22% after a year ended in March already in decline. On 16/07/2024, Hugo Boss cut the current year outlook forecast due to weakening global consumer demand, especially in markets such as China and the United Kingdom....
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Richemont Is The Luxury Outlier - Buy Confirmed