Richemont: stock down after H1 results

(CercleFinance.com) - Richemont shares are down over 2% in Zurich, following the luxury group's results, which owns Cartier amongst other brands, of a fall in net income to E457m for H1, compared with just over E1.
5bn a year ago.

While this fall largely reflects 'a heavy loss on assets held for sale' of E1.27bn, its current operating income fell by 17% to E2.21bn, representing a margin that is down 4.1 points to 21.9%.

At just under E10.1bn, Richemont's sales were down 1% on a reported basis, but stable at constant exchange rates, thanks to growth in the mid-single-digit range for its jewelry houses.


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