ZURICH (Reuters) - Sales at luxury group and Cartier owner Richemont were almost unchanged in the three months through June, the company said on Tuesday, as a sharp drop in Chinese demand clouded the overall result, pushing it just below expectations.
Richemont said at constant exchange rates, sales rose by 1% to 5.3 billion euros ($5.77 billion), after growing by 19% in the prior-year period, demonstrating resilience in a "continuing uncertain macroeconomic and geopolitical environment."
The figures compared to a consensus forecast of sales growth of 2% at constant rates assembled by Visible Alpha.
At current exchange rates, sales were down 1%.
"All regions delivered growth except for Asia Pacific where sales contracted by 18%, as higher sales in South Korea and Malaysia only partially mitigated a 27% decline in China, Hong Kong and Macau combined," the company said.
The figures follow a rocky start to the reporting season for European luxury goods companies. On Monday, a sharp drop in sales at Swiss watchmaker Swatch and a profit warning from Britain's Burberry ( BBRYF ) hammered the firms' shares.
($1 = 0.9184 euros)
(Writing by Dave Graham, Editing by Miranda Murray and Thomas Seythal)