Swatch Group Says Sales, Profit Fell Sharply in First Half
July 21 2016 - 1:59AM
Dow Jones News
By Brian Blackstone
ZURICH--Swatch Group AG said Thursday that sales and profit fell
sharply in the first half of the year, confirming last week's
profit warning.
Swatch said net sales were CHF3.7 billion ($3.75 billion) at
current exchange rates, down 11.4% from the same period in 2015.
Net income plunged 52% to CHF263 million.
The company had warned on Friday that sales and profit slid
during the first half of 2016, sending its shares sharply lower and
suggesting that the luxury goods sector faces major headwinds in an
uncertain global economic environment.
Write to Brian Blackstone at brian.blackstone@wsj.com
(END) Dow Jones Newswires
July 21, 2016 01:44 ET (05:44 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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