Richemont's sales plunge ZURICH: Richemont, the maker of Cartier jewellery and TWC Schaffhausen time pieces, forecast a difficult first hali after sales plunged by 18% in April The Swiss company also reported full year earnings that missed analysts' esti mates yesterday, dealing a further blow to the ailing luxury goods industry. The company's shares fell by as much as 5,% n the near term, we are btful that any meaningful improvement in the trading environment to be expected," chairman Rupert said in a statement. "Chal. lenging comparatives will persist through September The company, whose full name is Cie Financiere Richemont SA, has been strug gling with the strong Swiss francand is cut ting almost 100 jobs in its Swiss watchmak- ing operations, having reduced headcount by 500 in the past year. Aside from weak demand in Asia, Rich emont is also affected by a slowdown in tourism to Europe following the Paris terror attacks in November, a trend that analysts say may extend after the bombings inBrus sels in March. Richemont had a weaker start to fiscal 2017 than feared, wrote Rogerio Fujimori, an analyst at RBCCapital Markets. Com- paratives should get easier in the second half of the current fiscal year" Operating profit fell to €2.06 billion (US$2.3 billion) in the 12 months through March, the Geneva-based company said. That missed the average analyst estimate of €2.29 billion. Co-chief executive Bernard Fornas retired at the end of March, leavingRichard Lepeuas sole CEO. Richemont doesn't plan further job cuts in Switzerland, Mr Lepeu aid on a call with reporters. BLOOMBERG