Swatch 1st Half Net Soars On Record Sales, 2011 Outlook Promising
July 28 2011 - 1:59AM
Dow Jones News
ZURICH (Dow Jones) Swatch Group AG (UHR.VX) Thursday said
first-half profit rose despite the strength of the Swiss franc, and
the outlook for the rest of the year looks promising, given robust
sales in July.
The Swiss watchmaker said net income climbed 24.5% to 579
million Swiss francs ($722 million) in the six months through June,
with group sales rising by a similar amount to CHF3.36 billion.
The "strongly overvalued franc" had a negative impact on
first-half sales of CHF387 million, and the currency will continue
to impact on results, Swatch said.
"The outlook for the second half of the year remains promising,
particularly given the fact that July is confirming the trend in
sales and results of the first half," it said in a statement.
Swatch shares closed at CHF424.30 Wednesday, for a year-to-date
gain of 2%.
By Neil MacLucas, Dow Jones Newswires; +41 43 443 8046;
neil.maclucas@dowjones.com
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