Swatch: profits fall in 1st half
At 3.44 billion Swiss francs, net sales for the Swiss watch manufacturer fell by 14.3% (-10.7% at constant exchange rates), penalized by the sharp drop in demand for luxury products in China (including Hong Kong and Macao).
Believing, however, that China's potential remains intact, and that its cost-cutting program implemented at the beginning of the year has begun to bear fruit, Swatch expects the situation to improve sharply in the second half of the year.
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