Richemont: Poor November and December sales growth
BUY, Fair Value CHF82 (+4%)
The Swiss group released this morning its sales for Q3 (October-December) at EUR2.86bn (consensus: EUR2.88bn). Sales grew 9% in Q3 of which +5% at same forex compared to +12% in H1. Given the 7% same forex growth achieved in October, the Q3 increase implies +4% on November and December according to our calculations which shows a slight deceleration versus the September and October trend which was almost the same (6-7%).