Swatch sales, profits slump on weak China demand, hammering shares

Quick Summary:

ZURICH: Swatch Group, the world's biggest watchmaker, reported a steep drop in first half sales and earnings on Monday as demand for luxury goods in China remained weak, but forecast business would improve significantly later in 2024.

"An ugly half year for Swatch Group in all respects," said Vontobel analyst Jean-Philippe Bertschy.

Sales figures outside of China in local currencies held at the level of 2023, Swatch said.

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Article Details

Category: EconomyBusiness

Markets: MalaysiaChinaJapanUnited States

Topics: Omega Corporate News Watchmaker /Business/Business News Tissot Swatch

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-07-15 @ 16:45:00 (1 days ago)

News Timezone: GMT +8:00

News Source URL: thestar.com.my

Language: English

Article Length: 492 words

Reading Time: 3 minutes read

Sentences: 19 lines

Sentence Length: 26 words per sentence (average)

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Copyright Owner: © The Star

News ID: 21624803

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