Richemont posts its full year results for the year to March 31, 2016. The numbers were lacklustre, sending Richemont’s shares down as much as 5.6 percent.
Operating profit fell 23 percent, worse than analysts’ predictions. Sales were flat globally, with similar numbers in the Americas and Middle East.
The watch business performed notably poorly, with sales falling by eight percent. Operating profit fell 29 percent. Watchmaking was also hit by one-off charges, likely relating to layoffs. In contrast, jewellery and leather goods sales grew eight and nine percent respectively