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Compagnie Financiere Richemont SA said Friday that a return of tourism to Europe helped drive double-digit sales growth in the first quarter of its fiscal year, offsetting the negative impact of lockdowns in China.
The Swiss luxury-goods group CH:CFR reported total sales of 5.26 billion euros ($5.27 billion) in the March-June period, rising 12% on year at constant currency from EUR4.4 billion a year earlier. This beat expectations of EUR5.1 billion, according to a poll of analysts’ estimates compiled by FactSet.
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