In a statement released over the weekend, Swatch Group warned that its first-half profit would slide 50%-60% following decreased sales in Hong Kong and Europe.
The Swiss watchmaker said it expected sales to fall about 12% in the first half due to “important markets like Hong Kong and partially Europe, especially France and Switzerland, while mainland China develops positively”. Accordingly, Swatch warns, “the operating profit and the net income are expected to be lower by some 50%-60%”.
Full first-half results will be published today (July 21).
