UPDATE 2-Richemont sales meet forecasts but cautious on H2

* Five-month sales down 16 percent at actual exchange rates

* In line with forecast of a 15 percent drop

* Rate of decline easing but sees lower H1 profitability

* Shares down 4.4 percent

(Adds detail, analyst comment, shares)

By Katie Reid

ZURICH, Sept 9 (Reuters) - Richemont (CFR.VX), the luxury goods group behind Cartier jewellery and Chloe handbags, remained cautious about its second half despite signs sales may be falling at a slower pace.

"We would prefer to wait until we have more evidence of a broader economic recovery before speculating on the likelihood of a better second half, particularly when it comes to the wholesale business," chairman Johann Rupert said on Wednesday.

Demand for Richemont's goods, which include IWC and Jaeger-LeCoultre watches, Montblanc pens, and Lancel accessories, slipped 16 percent at actual exchange rates and 21 percent in constant currencies from April to August.

Analysts had expected five-month sales to fall 15 percent at actual exchange rates and 21 percent at constant exchange rates. [ID:nL7697874]

"Overall, it was more or less in line with expectations. But, given positive surprises elsewhere in the sector from Tiffany and Swatch Group, that might not be enough," said Kepler Capital Markets analyst Jon Cox.

"Johann Rupert is being typically pessimistic but even he admits the rate of sales decline is easing, which is a big positive. Asia stands out, thank goodness for China," Cox said.

Consultancy Bain & Co has predicted better trading conditions in the second half of the year will mean luxury sales fall 10 percent in 2009 at constant exchange rates, recovering from an estimated 15-20 percent fall in the first half.

Richemont, which rivals Hermes (HRMS.PA) and LVMH (LVMH.PA), said first-half profitability would be "significantly" lower than in the 2008 period despite its cost-control measures.

Its shares were down 4.4 percent at 28.70 Swiss francs at 0805 GMT, underperforming a 0.4 percent fall in the DJ personal and household goods index. .SXQP.

GLIMMERS OF HOPE

Demand held up best in the Asia-Pacific region, including China, where sales rose 5 percent, Richemont said.

But sales tumbled 36 percent in the Americas and were 22 percent lower in Europe, including the Middle East which is still growing.

Cartier, Richemont's biggest brand, said earlier this month the worst of the crisis was probably behind it as strong demand in China and the Middle East was offsetting weakness in Japan and the United States.[ID:nPEK349087]

Swatch Group, owner of Omega, Tissot and Longines brands, hit a more upbeat tone last month, saying some brands should post a rise in second-half sales and retailers were even starting to order more expensive brands again. [ID:nLD686782]

Also last monbth, New York-based high-end jeweller Tiffany (TIF.N) raised its full-year outlook after second-quarter results beats forecasts thanks to cost cuts and a slight recovery in demand for jewellery.[ID:nBNG513912]

Luxury goods stocks have rallied recently as more upbeat economic data has raised hope consumers will loosen their purse strings and end the deepest spending slump in recent history. (Editing by Hans Peters and Dan Lalor)