Richemont posts a H1 miss as weaker China demand weigh on earnings
** Shares in Richemont CFR.S fall 3.3% in Julius Baer pre-market trade after the Swiss Cartier jewellery owner posted its H1 results below expectations, with a sharp decline of 19% in Asia Pacific sales, led by China
** Richemont posts H1 sales of 10.07 billion euros ($10.85 billion), which is down 1% from 10.22 billion a year earlier, as its operating profit fall 17% to 2.20 billion euros vs 2.65 billion last year
** "Richemont reported sales growth slightly below expectations in its fiscal half year," Vontobel says, adding that operating profit was also a miss
** "The performance of Specialist Watchmakers ended up materially worse than expected by the sellside," Bernstein says
** The company's sales at Specialist Watchmakers fall 17% to 1.7 billion euros for the same period
** The stock, which has gained 10.3% YTD, hits the bottom of the Swiss blue-chip index .SSMI
($1 = 0.9279 euros)
Reporting by Ozan Ergenay
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