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Sep 9, 2009, 6:59 GMT

Richemont sees luxury-goods sales slip, outlook cautious

Geneva - Swiss luxury goods group Richemont SA said Wednesday that in the five months to August, sales fell 16 per cent below the same period in 2008. Richemont, the second largest luxury goods company in the world, is the owner of brands like Cartier, Chloe, Montblanc and Piaget. 'Richemont's profitability for the first six months of this year will inevitably be significantly below that seen in the period to September 2008,' Executive Chairman Johann Rupert said in a trading statement ahead of an annual general meeting later in the day. The Americas region was the worst performer with a decline of 36 per cent, the group said. Sales in Asia-Pacific, which includes China, grew by 5 per cent although sales in Japan were down 7 per cent. European sales were 22 per cent lower. The group's retail business was down 7 per cent and wholesale fell 22 per cent. 'Although the rate of decline in sales is slowing, we still urge caution. We would prefer to wait until we have more evidence of a broader economic recovery before speculating on the likelihood of a better second half, particularly when it comes to the wholesale business,' Rupert said. Richemont's interim results for the six-month period to the end of September will be released in November.

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