By  on May 12, 2017

LONDON – In a difficult year for Compagnie Financière Richemont, parent of brands including Cartier, IWC and Van Cleef & Arpels, profits slid 45.6 percent to 1.21 billion euros, or $1.33 billion, as sales fell in the single digits.

In the year to March 31, sales were down 3.9 percent to 10.65 billion euros, or $11.72 billion, as the company struggled with a difficult watch market and endeavored to fine-tune distribution and the store network. As reported, the second half showed signs of improvement, with a rebound in Mainland China and the U.S.

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