To add to the good control is a good availability of our stock anywhere any time into any device.
Thank you, Burkhart. So, I think it will be in some way -- the outbreak will be quite different, but positive to the branded jewelry as a whole.Yes.
And the next one and last one will be, whether you can provide an update on new management for the F&A, area?
Our retail is more open. And conversely are you looking for possible targets?Throughout Richemont, Richemont has been committed to supporting the communities where we operate.
The contribution of online sales to group sales grew by 300 basis points to 19%.Operating profit was down by 22% to €1.528 billion largely impacted by temporary store closure in the fourth quarter. I can. We have always believed in protecting our balance sheet. This is a question of how we structurally view the way forward.
Thank you.It's a way in which we in our attempts -- so it's always twofold.
If we can move and continue to move more and more of our sales of our -- out of our stores, but online we will change our operating leverage in the right direction and that is the real goal with our business model.And to continue on that, most of our design, most of Van Cleef and Cartier are timeless.
We have to further work in time. We all know that in between what happened with travel retail. I don't think you'll get into China or New Zealand without some form of proving that you don't have the virus but how and in which form I'm not sure.Next let's look on online retail, which posted strong double-digit sales growth at Maisons and Online Distributors across almost all regions. Once again, the mantra that we're talking about is true end customer demand.
What is the future of that investment?
And with the omni-stock, it is either full availability of stock and has given us time for all through the whole device -- or through the any device, any location and through any channel, which is our next challenge which gives us the opportunity throughout areas of crisis to have even more availability on our stock. They are appreciated as works of art.
Retail sales accounting for 51% of group sales compared to 53% a year ago.And this means that there will, over time, clearly be a shift of resources from fixed resources to more variable resources, which will help us absorb cost pressures better, especially, if they're short-term cost pressures as we're experiencing right now. So in some way, we have a broad base which was already geared to local client down and supporting them, wherever they buy.
So we have from the beginning embraced technology and how it makes our lives easier. While sales in the first nine months of the year had been stable they decreased by 12% in the first quarter -- in the fourth quarter. Net finance costs for the period amounted to €337 million, compared with €183 million in the prior year. So, currently, we don't see that we have to make massive price increases to face that. Overall, expenses increased by 6%.
On the Maisons side, with a sudden temporary closure of so many of our stores, our Maisons digital capabilities have had to develop further notably for a number of our Specialist Watchmaker. A small number of production facilities remain open to serve essential operations, and some distribution centers continues to serve our open stores and online customers, always following governmental and public health guidelines.From a distribution channel perspective, retail sales were in line with the previous year, wholesale sales declined and online retail sales rose sharply.So, yes indeed progressing very well. And if you look, for instance, at the jewelry that was created after the Second World War it was very much about yellow gold and color stones, some pieces that were more discrete, but reflecting a really positive vision of life and an element of luck and celebration of happiness.Yes. So -- but the one that I'm going to read is actually came from Luca.I think, if you have a look at the online sales -- or sorry the auction sales at Christie's and Sotheby's, you will invariably find that the items that attract the most demand and desire are Cartier and Van Cleef.
So it's already 11:30. All I can say is we are embracing new retail.
The later partly benefited from a favorable comparable with the previous year due to the effect of the Online Distributors consolidation as previously mentioned.The digital platform was presented on Tmall. We are also looking to extend the range of service of rate and the reach of our Maisons e-commerce facilities into new markets by having fully localized websites.Burkhart Grund - Chief Financial OfficerYes.
And maybe I'll stop here and ask the other jewelry related questions after.Okay. If somebody has a market share or a presentation then it would be very interesting.Just so for when it comes to inventory the first fall for the inventory is the one for the watch activities.
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