May 18, 2018 / 5:52 AM / in a year

Richemont says could do more M&A, net profit misses poll

ZURICH, May 18 (Reuters) - Luxury goods group Richemont said on Friday it could target strategic investments and divestments after organic sales rose 8 percent in constant currency terms in its fiscal year to March, helped by buoyant jewellery sales.

“Our long-term approach does not preclude us from targeting strategic investments and divestments, as we have demonstrated over the past year,” the maker of Cartier jewellery and IWC watches said in a statement on Friday.

Net profit rose 1 percent to 1.221 billion euros ($1.44 billion), well below a 1.719 billion forecast in a Reuters poll of analysts, partly due to inventory buy-backs of watches of 203 million euros in 2017/18. ($1 = 0.8468 euros) (Reporting by Silke Koltrowitz; editing by Brenna Hughes Neghaiwi)

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