Richemont slides on weak sales growth
IOL Business/ Reuters - Sep 13th 2013, 10:04
Johannesburg - Johannesburg-listed shares of Richemont slide nearly 3 percent after the Swiss luxury goods groups says sales in the five months through August rose 9 percent, just shy of forecasts, hit by weak demand for its watches in China.
The sales came short of a 9.3 percent sales growth forecast at constant exchange rates by analysts polled by Reuters.
Richemont, the maker of Cartier watches and Mont Blanc pens, is down 2.8 percent at 97 rand on the Johannesburg bourse, the biggest decliner on the blue-chip Top-40 index. - Reuters © Independent On-line 2013. All rights reserved.
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