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· Richemont
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Jump to full article: The Wall Street Journal Interactive Edition, 2006-06-09
Author: CHRISTINA PASSARIELLO and MARTIN GELNAR
Intro: Swiss luxury-goods company Cie. Financière Richemont SA, the owner of brands such as Cartier, Jaeger LeCoultre and IWC, posted lower-than-expected results for its core watches and jewelry business, causing its shares to fall 12% Thursday.
Richemont said full-year net profit for the year ended March 31 fell 10% to €1.09 billion ($1.39 billion) from €1.21 billion due to items related to its minority stake in British American Tobacco PLC. Analysts had forecast €1.13 billion in net profit. . . .
At Richemont's bottom line, the profit contribution from British American Tobacco fell by more than a third to €486 million from €798 million. The year-earlier figure was boosted by gains resulting from a merger of BAT's U.S. business with that of R.J. Reynolds.
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