Richemont's constant currency sales growth eased from a 19% rate in the April to June period to a 5% rate in the following three months.
The company posted a profit of 1.51 billion euros, worse than the 2.17 billion euros forecast by analysts in a consensus cited by Zuercher Kantonalbank.
"Growth eased in the second quarter as inflationary pressure, slowing economic growth and geopolitical tensions began to affect customer sentiment, compounded by strong comparatives," said Chairman Johann Rupert in a statement.
"Consequently, we have seen a broad-based normalisation of market growth expectations across the industry."
While jewellery - traditionally more resilient to economic swings - continued to shine with constant currency sales up 9%, watch sales fell 4%.
Persons:
Regis, Cartier, Vacheron Constantin, LVMH, Zuercher Kantonalbank, Johann Rupert, Kepler, Jon Cox, John Revill, Mimosa, Miranda Murray, Shri Navaratnam, Tomasz Janowski
Organizations:
Cartier, Vendome, REUTERS, Rights, IWC, Thomson
Locations:
Paris, France, Swiss, United States, Europe, China