Richemont Posts Decline In Profit

Compagnie Financiere Richemont SA CFRUY reported around 24% drop in its profit for the first six months of its financial year. Richemont's profit for the period slipped to EUR908 million ($1.12 billion), versus a year-ago profit of EUR1.19 billion. However, analysts were expecting a profit of EUR1.09 billion. Its sales jumped 2% to EUR5.43 billion versus EUR5.32 billion. Analysts expected sales of EUR5.39 billion. Operating profit fell 4% to €1 311 million, while operating margin shrank by 160 basis points to 24.1%. Richemont shares rose 1.22% to close at $8.27 yesterday.