Overview
- Q3 sales rose 11% at constant exchange to €6.4 billion, topping roughly 7.5% consensus and setting a record for the period.
- Jewellery Maisons grew about 14% to roughly €4.78–€4.79 billion, while specialist watchmakers increased 7% for a second consecutive positive quarter.
- Growth was broad-based, with the Middle East & Africa up 20%, Japan up 17%, the Americas up 14%, and Europe up 8% at constant rates.
- Asia-Pacific advanced 6% at constant rates, with China, Hong Kong and Macau up 2%, though some markets declined at actual exchange rates.
- Net cash stood at €7.6 billion versus €7.9 billion a year earlier, and quarterly cash inflow fell to €1.1 billion from €1.8 billion as higher gold costs, FX effects and US tariffs weighed.