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Swatch Group H1 Net Profit Declines
(RTTNews) – Swatch Group reported that its first half net result attributable to shareholders declined to 3 million Swiss francs from 136 million francs, prior year. Earnings per registered share was 0.01 francs compared to 0.52 francs. Operating profit declined to 68 million francs from 204 million francs.
First half net sales declined to 3.06 billion francs compared to 3.44 billion francs, prior year. The company said decline in sales is exclusively attributable to China. The Group’s net sales at constant exchange rates were 7.1% below the previous year, on a comparable basis, excluding the eyewear business in the Middle East, transferred at the end of the previous year.
For the second half, the Group expects production capacity utilization to improve, driven in particular by numerous new product launches in all price segments. In summer, Swatch will launch a concept for personalizing Swatch watches using AI.
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