Richemont Posts Slowing Sales Growth Amid Challenging Environment

Compagnie Financiere Richemont posted a slowdown in sales growth for the first-half of fiscal 2024 due to inflation, slowing economic growth and geopolitical tensions that hurt customer sentiment.

The Swiss-based luxury company, which counts jeweler Cartier among its brands, said on Friday that it made net profit from continuing operations of 2.16 billion euros ($2.30 billion) for the first six months to Sept. 30, compared with EUR2.11 billion in the year-earlier period. Including discontinued operations, the company swung to a net profit of EUR1.505 billion, compared with a loss of EUR766 million.