Luxury goods maker Richemont on Friday reported a 46% slide in net profit to €1.21bn in the year to March partly due to the one-off gain on the merger of Net-A-Porter with Yoox in 2015. Excluding this exceptional item, net profit would have dropped 24%, the maker of Cartier watches said in a statement. Total sales for the period under review dropped 4% to €10.64bn on both an actual and constant currency basis. Excluding exceptional initiatives to improve inventory at multi-brand retail partners and optimise certain retail and wholesale locations, the decline in sales would have been contained to 2% at constant exchange rates, the company added.
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