Overview

• Group sales rose 6% at constant exchange rates to €5.4 billion in the quarter ended June 30, up from 4% growth in the prior period.
• Jewelry maisons delivered an 11% constant-currency gain for the third consecutive quarter led by Cartier and Van Cleef & Arpels.
• Specialist Watchmakers division sales fell 7% at constant rates as demand softened in Greater China and Japan.
• Europe and the Americas recorded double-digit increases of 11% and 17% respectively, while Asia-Pacific was flat and Japan declined 15% on yen strength.
• Net cash climbed to €7.4 billion, bolstering the group’s ability to raise prices selectively and withstand currency headwinds.