ZURICH, Sept 14 Luxury goods group Richemont
said it expected difficult trading conditions to
continue after sales fell 13 percent in constant currencies in
the five months to August, hit by weak demand for luxury watches
and inventory buybacks in Hong Kong.
Swiss watchmakers are grappling with dwindling sales in
their biggest market, Hong Kong, where retailers sit on piles of
unsold watches, and fewer tourists shopping in European luxury
capitals, such as Paris, following extremist attacks.
Sales at the maker of IWC watches and Cartier jewellery fell
14 percent in reported terms, the company said in a statement on
Wednesday ahead of its annual general meeting in Geneva.
Analysts in a Reuters poll had expected sales to fall 11.3
percent in reported terms and 10.4 percent at constant exchange
(Reporting by Silke Koltrowitz and John Revill)