Richemont: Price adjustments in dollar zone explain the sales decline in April

BUY, Fair Value CHF100 (+16%)
News published on May Tuesday 26, 2015
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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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