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Richemont First-Half Profit Misses Estimates as Asia Decelerates

Cie. Financiere Richemont SA (CFR), the maker of Cartier jewelry and IWC watches, reported first-half operating profit that fell 0.7 percent as Asian sales growth slowed and currency swings weighed on earnings.

Operating profit dropped to 1.37 billion euros ($1.8 billion) in the six months through September, the Geneva-based company said today in a statement. Analysts expected 1.4 billion euros, according to estimates compiled by Bloomberg. Sales increased 4.3 percent to 5.32 billion euros.

Source: bloomberg