Jewelry Sales Rise at Cartier, Van Cleef

RAPAPORT... Jewelry sales at Richemont - the owner of Cartier and VanCleef & Arpels - increased 10% in the past fiscal year, with sales growing in all regions and channels. Proceeds from the category rose to EUR 7.08 billion ($7.91billion) in the 12 months ending March 31. Sales in the watch divisiongrew 10% to EUR 2.98 billion ($3.33 billion), the company reported Friday. The results reflected strong client demand, the company said. Jewelry accounted for 36% ofgroup sales, while the watch division comprised 35%. They are the group's twolargest product lines. "In jewelry, growth was sustained by iconic collections...aswell as the introduction of new jewelry creations, such as [Les Galaxies deCartier] or Frivole at Van Cleef & Arpels,"Richemont's chief financial officer, Burkhart Grund, said in an earnings call transcribed by Seeking Alpha. "All had a positive impact onsales,"   Operating profit for the jewelry division increased 16% toEUR 2.23 billion ($2.49 billion) for the year. Asia Pacific and the Americasshowed the strongest growth in jewelry, Richemont added. Group sales jumped 27% to EUR 13.99 billion ($15.62billion), while profit more than doubled to EUR 2.79 billion ($3.11 billion) from EUR 1.22 billion ($1.36 billion) a year ago. Image: A Cartier store in Hong Kong. (WiNG)