SWITZERLAND: Luxury Giant Richemont Issues Profit Warning
Swiss luxury goods giant Compagnie Financiere Richemont SA on Thursday warned its full year operating profit may miss market expectations by as much as 40 per cent due a 50 million euro restructuring charge.
The Zurich-based group, whose brands include Cartier, Piaget and Dunhill, said in a statement its plight was being compounded by the "depressed economic climate" and a "further decline in consumer confidence".
The firm, which reported sales of 3.86 billion euros and an operating profit of 482 million euros last year, said due to the difficult trading conditions it would scale back Dunhill's retail operations in the US and focus largely on wholesale activities in that market.
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