Richemont: Price adjustments in dollar zone explain the sales decline in AprilBUY, Fair Value CHF100 (+16%)
Having released a disappointing 8% (FV-Neutral) sales decline in April, the analysts meeting last Friday gave the management the opportunity to explain that this was due to price adjustments (price decline) in the dollar zone such as the US and most Asian countries including Mainland China and Hong Kong that happened on May 1st. The first weeks of May are encouraging with sales stability. We remain at Buy on the stock with an unchanged CHF100 FV.
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