SWITZERLAND: Richemont FY Profit Slumps, Sees Cost Cuts
The world's second largest luxury goods company, Compagnie Financiere Richemont AG, on Thursday posted a sharp slide in annual net profit as it was hurt by weak consumer confidence and a downturn in air travel. The Zurich-based group, whose brands include Cartier, Piaget and Dunhill, posted a net profit of 642 million euros versus 826 million euros in the year-ago period and warned it had endured a tough start to the current fiscal year.
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