The Swiss luxury goods group, Richemont, has posted a 19% decline in sales for its leather and textiles division to Eur174 for the six months ended September 2003. Operating profit fell 5% to Eur40 million.

The firm, which is the second largest luxury goods group in the world, suffered an overall 14% decline in revenues to Eur1.52 billion and a 56% slump in operating profit to Eur81 million. Net profits decreased 49% to Eur68 million while earnings per share fell 28% to 51.04 cents.

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