U.S. News

Swatch Reports Improved First-Half Results


Swatch Group reported a much improved first-half net profit of 460 million Swiss francs ($190 million), up from 330 million Swiss francs, driven by continued strong consumer spending and positive currency effects.

Looking ahead, the Swiss watchmaker said it has every indication that the boom will continue, but warned that capacity bottlenecks might pose difficulties for the rest of the year. Earnings before interest, taxation, depreciation and amortization in the period rose to 511 million Swiss francs from 402 million swiss francs, while gross sales reached 2.74 billion Swiss francs compared with 2.34 billion Swiss francs in the year earlier period.

The group had been due to report on Aug 23.