May 15, 2020 / 5:49 AM / 15 days ago

Richemont posts 67% drop in annual profit as coronavirus hits luxury sector

ZURICH, May 15 (Reuters) - Richemont is seeing strong demand in China but globally expects “headwinds in the months ahead” due to the coronavirus, the owner of Cartier jewellery said on Friday as it reported annual profit falling by two thirds.

The world’s second biggest luxury group said net profit for the year to the end of March fell 67% to 931 million euros ($1.01 billion), missing the 1.29 billion euros forecast by analysts.

Sales rose 2% to 14.238 billion euros, in line with forecasts. ($1 = 0.9257 euros) (Reporting by John Revill Editing by Riham Alkousaa)

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