Richemont is down more than 2% in Zurich, following the publication by the luxury group, which owns Cartier among other brands, of a fall in net income to 457 million euros for its first half-year, compared with just over 1.5 billion a year earlier.

While this fall largely reflects 'a heavy loss on assets held for sale' of 1.27 billion euros, its current operating income fell by 17% to 2.21 billion, representing a margin down 4.1 points to 21.9%.

At just under 10.1 billion euros, 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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