Richemont issues profit warning

• Richemont (OTCPK:CFRUY, OTCPK:CFRHF) lowers it profit outlook after adjusting for a soft pace of sales growth.
• The company says it expects operating profit for the six months through the end of September to decline 45% Y/Y.
• 6-month sales forecast by region: Europe -20%, Asia Pacific -12%, Americas -8%, Japan -15%, Middle East/Africa -12%.
• Richemont statement: "We are of the view that the current negative environment as a whole is unlikely to reverse in the short term."
• Shares of Richemont are down about 4.4% in Zurich trading.