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Nothingherein should be construed as an offer or solicitation to buy or sell anysecurity. Zacks Mark VickeryWeb Content Editor312-265-9380Visit: Business Wire 2009. * FY operating profit 982 mln euros vs 929 mln forecast France | Italy | Japan * Bracing for very challenging conditions until September * CEO to step down at end of 2009 * Shares outperform sector index(Adds details, analysts’ comments, updates shares) By Katie Reid ZURICH, May 14 (Reuters) – Richemont (CFR.VX), the maker ofCartier watches, beat forecasts with a 12 percent drop in itsfull-year operating profit, boosting shares, but cautioned itfaced tough markets and said its head would step down this year. Strong sales at its IWC, Vacheron Constantin and JaegerLe-Coultre brands as well as of Cartier jewellery helped theworld’s third-largest luxury goods group exceed expectationswith operating profit of 982 million euros ($1.34 billion).
Richemont, which is behind brands such as Montblanc andAlfred Dunhill, said, however, sales in April tumbled 26 percentin constant currencies and that conditions would be verychallenging until September. “There are currently very few encouraging signs in theglobal economic picture The U.S. market is very weak andconditions in Japan have been poor for some time. Most Europeanmarkets are unsettled and trading remains hesitant,” Richemontsaid.
