Shares in Richemont reacted to the half-year figures with significant gains in early trading on Friday. Most recently it went up by 7.2 percent. The share thus headed towards the annual high from February in the area of 185 francs. Swatch climbed 1.1 percent.
The figures are an early Christmas present, says Vontobel analyst Jean-Philippe Bertschy. Growth in the second quarter was spectacular at 14 percent. Positive aspects include the return to growth in China and the continued robust demand in the USA.
Richemont achieved strong results in all business areas, with the jewelry division standing out with organic growth of 17 percent in the second quarter, emphasized RBC analyst Piral Dadhania. In terms of margins, cost discipline and higher prices more than offset the burdens from currency and raw material prices.