November 9, 2018 / 6:23 AM / a year ago

Richemont highlights volatile consumer demand as net profit falls

ZURICH, Nov 9 (Reuters) - Luxury goods group Richemont said economic and geopolitical uncertainties were weighing on customer sentiment after net profit fell, excluding a one-off gain, in the six months to Sept. 30 and sales growth slowed towards the end of the period.

“Amidst growing volatility in consumer demand, partly attributable to an uncertain economic and geopolitical environment, we maintain confidence in our ability to realise our long term ambitions,” the maker of IWC watches and Cartier jewellery said in a statement on Friday.

Profit for the period more than doubled to 2.25 billion euros ($2.55 billion), primarily due to a 1.38 billion euros post-tax non-cash gain of on the revaluation of existing shares in recently acquired online distributor Yoox Net-a-Porter.

Excluding the one-off gain, net profit slid to 875 million euros, from 974 million euros a year earlier. ($1 = 0.8813 euros) (Reporting by Silke Koltrowitz, editing by John Revill)

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