News 
At the end of the first five months of its non-calendar financial year 2016-2017, the group reported sales down by 13% at constant exchange rates (-14% at current rates) compared to the same period last year.
Sales by the jewellery houses (Cartier, Van Cleef & Arpels and Giampiero Bodino) were 15% lower at constant rates (-16% at current rates). The watch brands (A. Lange & Söhne, Baume & Mercier, IWC Schaffhausen, Jaeger-LeCoultre, Officine Panerai, Piaget, Roger Dubuis and Vacheron Constantin) reported a fall of 18% at constant rates (-19%). Sales by the other brands (Alfred Dunhill, Chloé, Azzedine Alaïa, Lancel, Montblanc and Peter Millar) were down 3% and 2% respectively.
All the geographical areas were affected by these negative effects: Europe (-18% at constant rates, Japan (-25%), the Middle East and Africa (-10%), Asia Pacific (-9%) and the Americas (-6%).
The group does not anticipate an improvement of the situation in September and therefore expects its operating profit to be 45% lower after the first six months of its financial year.
September 29, 2016