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By
AFP
Published
Jul 28, 2011
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Swatch reports record first-half profit, sales

By
AFP
Published
Jul 28, 2011

July 28 - The world's biggest watch group Swatch said Thursday its first half net profits soared 24.5 percent to 579 million francs (503 million euros, $722 million), setting a fresh record for the company.

Swatch
The Swatch&Art collection

Sales for the period also beat records previously set a year ago to reach 3.362 billion francs, up 11.4 percent.

"The outlook for the group in 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," said Swatch.

Nevertheless, the group acknowledged that the strong Swiss franc would "further negatively impact" its sales growth and net profit.

For the first half, Swatch said the franc had a negative impact of 387 million francs when compared to 2010 rates.

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