Swatch Posts Double Digit Rise in Sales, Profit in H1
July 27, 11
(IDEX Online News) – The Swatch Group this morning (Thursday) reported record gross sales of CHF 3.36 billion ($4.1 billion) in the first half of 2011. Watch and jewelry sales soared despite production bottlenecks.
Gross sales exceed the record half year 2010 by 24.2% at constant rates and 11.4% at current rates.
Sales in the Watches and Jewelry segment grew 27.4% at constant rates or 13.3% at current rates, to CHF 2.91 billion ($3.55 billion).
Net income of CHF 579 million ($704.8 million) is a 24.5% increase versus the record half year 2010, representing 18.2% of net sales.
The company said a strongly overvalued Swiss franc negatively impacted sales by CHF 387 million at 2010 rates.
The outlook for Swatch in the second half of the year remains promising, the company said, "particularly given the fact that July is confirming the trend in sales and results of the first half."