Richemont sales growth tops poll, launches share buyback

ZURICH Thu May 15, 2014 1:46am EDT

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ZURICH May 15 (Reuters) - Cartier owner Richemont said underlying sales grew 8 percent in April, excluding Japan that raised taxes that month, broadly in line with the forecast-beating 10 percent rise in the year to March and said it would launch a new share buyback programme.

"Richemont announces a new programme to buy-back up to 10 million Richemont 'A' shares through the market over the next three years," the Geneva-based maker of luxury watches and jewellery said in a statement on Thursday.

Richemont shares closed at 87.25 Swiss francs on Wednesday.

Net profit rose 3 percent to 2.067 billion euros ($2.83 billion) in the fiscal year ended March 31, just short of a forecast for 2.137 billion euros in a Reuters poll. ($1 = 0.7294 Euros) (Reporting by Silke Koltrowitz)