Richemont Group profit was up 3%, from $2.76 billion to $2.84 billion

Richemont watch sales increased 9 percent from $3.77 billion to $4.10 billion, while total sales for the company grew 5 percent, rising from $13.92 billion to $14.60 billion. Profit was up 3 percent, from $2.76 billion to $2.84 billion. Last Thursday’s release of the fiscal year results ended March 31st was presented as “satisfactory”. Cartier and Van Cleef & Arpels, the two jewelry brands Richemont owns, reported 4 percent year-on-year growth in global sales, from $7.14 billion to $7.46 billion. Wholesale orders of Cartier watches were down but jewelry demand was particularly strong in what Richemont described as a “subdued environment.” The company’s retail sales, comprised of its directly operated boutiques and e-tailer Net-a-Porter, performed better than its wholesale division, with retail sales climbing 14 percent at constant exchange rates, compared with just a 6 percent sales gain for wholesale accounts.