Trading statement for the three months ended 31 December 2011
 
Financial highlights
 
Sales in the quarter increased by 24 % at actual and constant exchange rates.
Growth was solid across all regions and channels.
 
Commenting on the three months sales, Mr Johann Rupert, Executive Chairman and Group Chief Executive Officer, made the following statement:
 
“The Group’s overall performance remains solid. The growth in sales reflects growing demand in Asia-Pacific, our Maisons’ creativity and the lasting appeal of our products.
 
As expected, the slowdown in sales growth relative to the first six months of the current financial year reflects a combination of more demanding comparative figures as well as the volatile and challenging economic environment. Sales in the month of December were 21 % above the prior period at actual and constant exchange rates.
 
The Group’s activities over the past nine months enable us to reconfirm our expectations that operating profit for the full year will be significantly higher than last year.”


Review of trading

Sales growth in Europe, which includes the Middle East and Russia, benefitted from purchases made by travellers. The Asia-Pacific region reported growth above the Group average, reflecting very strong demand in Hong Kong and mainland China in particular. The Americas region reported strong growth, resulting from growing demand for jewellery and watches as well as Net-a-Porter’s performance. Sales in Japan increased, albeit at a lower rate than the Group average.
 
Compared to the first six months of the year, the decline in the sales growth rate in the Asia-Pacific region reflects demanding comparative figures and a general convergence towards more sustainable, long-term growth rates.
 
In terms of sales by distribution channel, the high rate of retail sales growth reflected the impact of the continuing boutique network expansion programme, particularly in the Asia-Pacific region, demand for jewellery and the performance of Net-a-Porter. Wholesale sales growth was solid.
 
Demand for the Group’s products was broad-based. The Jewellery Maisons, the Specialist watchmakers and Net-a-Porter saw particularly robust sales momentum. The Montblanc Maison’s sales were flat in the period, primarily due to the continued downsizing of the wholesale distribution and weak domestic demand in developed markets.
 
Sales for the nine months ended 31 December 2011 are presented in Appendix 1a.
 
The Group’s net cash position at 31 December 2011 amounted to some € 2.9 billion (2010: € 2.2 billion).
 

Corporate calendar
 
The Group’s results for the current financial year will be announced on Wednesday, 16 May 2012.
The Company’s annual general meeting will be held in Geneva on Wednesday, 5 September 2012.