By  on May 23, 2008

Compagnie Financière Richemont SA reported an 18 percent uptick in full-year net profits on the back of strong sales of luxury watches and jewelry, as well as healthy growth in Europe and Asia.

The world's second biggest luxury goods group said profits for the year ended March 31 reached 1.57 billion euros, or $2.2 billion, up from 1.3 billion euros, or $1.87 billion, the previous year. Dollar figures have been converted at average exchange.

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