Swatch reports record first-half profit and sales

Swatch reports record first-half profit and sales
Blake Patterrson

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

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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