Swiss luxury group Richemont has reported that its sales for the first quarter ending June 30 are down 47% compared to the same time last year.

The company cites a “strong impact from Covid-19”, the widespread temporary closures of stores and distribution centres, and “a halt in tourism and subdued consumer sentiment in many markets” for the double-digit drop in sales across all regions, distribution channels and business areas.

As of June 30, Richemont said, all distribution centres and most stores have reopened with the exception of those in the Americas and travel retail. Also as of this date, the group’s gross cash position was €7.9 billion and net cash was €1.8 billion.

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