Richemont results

Richemont released their half year results showing a 15% drop in sales to 2.38 billion (A$3.82 billion).

The group has implemented cost-cutting measures but they could not hope to match the market decline in sales, declaring a 54% drop in net profit to 400 million (A$641 million).

The company, and the broader market, are more confident about the upcoming Christmas trading period and they have been able to increase margins slightly, even through a tough 2009. The beginnings of a recover and retailer restocking are underway.