By Andrea Figueras


Cartier owner Richemont reported a slight decrease in sales for its fiscal first quarter amid slowing demand for luxury goods, particularly in China.

For the period ended June 30, the Swiss luxury-goods group booked sales of 5.27 billion euros ($5.74 billion), compared with EUR5.32 billion in the prior-year period. The result came broadly in line with analysts' forecasts of EUR5.28 billion, according to a poll of estimates compiled by Visible Alpha.

The company reported growth across all regions, except for Asia-Pacific, due to sharp declines in China, Hong Kong and Macau, reflecting a low level of consumer confidence, the group said Tuesday.

Richemont's results come after luxury peers Burberry and Swatch on Monday noted a challenging business environment, particularly in China, while Germany's Hugo Boss cut its sales guidance for the year.


Write to Andrea Figueras at andrea.figueras@wsj.com


(END) Dow Jones Newswires

07-16-24 0209ET