Richemont's consensus-beating first-quarter sales are testament to the strength of luxury demand in the wake of the pandemic, Bernstein analysts say in a note. The Swiss luxury-goods group posted quarterly sales of EUR5.26 billion, above FactSet-compiled consensus expectations and despite a major drag from Covid-19 restrictions in China, Bernstein notes. The strong results follow similarly good prints from Swiss watchmaker Swatch and Italian luxury cashmere specialist Brunello Cucinelli, the brokerage says. The "YOLO effect" out of the pandemic is affecting all nationalities and has yet to normalize, Bernstein suggests, keeping an outperform rating and a CHF135 target on Richemont stock. (joshua.kirby@wsj.com; @joshualeokirby)


(END) Dow Jones Newswires

07-15-22 0247ET