Richemont Forecasts 45% Profit Slide as Hermes Abandons Goal

  • Hermes abandons mid-term goal for 8% annual sales growth
  • Reports add to gloom spreading across luxury-goods industry

Richemont 5-Month Constant FX Sales Miss Estimates

Richemont, the maker of Cartier jewelry, said first-half operating profit will probably decline about 45 percent, while Hermes International SCA abandoned its annual sales growth target, adding to the gloom spreading across the luxury-goods industry.

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