Swatch profits expected to fall 50%

Friday, 15. July 2016 08:21

The Swatch Group announced on Friday that it expects its operating profit and net income to drop by 50% to 60% in the first six months of the year, citing lower net sales.

Sales fell around 12%, mostly as the company had less customers in Hong Kong and Europe, especially France and Switzerland. However, the world’s largest watch company stated that it does plan to cut the number of its employees despite lower demand and added that it will invest in new products as well as marketing and “pursue a defensive price increase policy.”

The Swatch Group will announce its half-year results next Thursday.

 

Image: EPA / Eddy Risch

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Breaking the News / VP