Swatch: sees stronger growth in second half, shares jump
(CercleFinance.com) - Swatch said on Wednesday its growth would accelerate in the second half of the year due to solid demand in its main markets, sending its shares up in Zurich.
The announcement comes after the Swiss watchmaker saw net sales fall by 3.7% at constant exchange rates in the first six months of the year, at 4.1 billion Swiss francs, compared to a "very strong" previous year.
Operating result fell by 13% to 547 million Swiss francs, it said.
The group said it expects "strong growth" in the second half, on the one hand due to continuing solid demand in its most important markets, and on the other hand due to the fact that the second half of 2018 was characterised by a "poor" fourth quarter.
The launch of new products in all price segments will also stimulate sales, it said.
In the end, Swatch expects positive sales growth for the entire year in comparison to the previous year.
Shares of the company were up 4.6% at 302.8 Swiss francs in morning trading. They have risen about 4% year to date.
Copyright (c) 2019 CercleFinance.com. All rights reserved.
The announcement comes after the Swiss watchmaker saw net sales fall by 3.7% at constant exchange rates in the first six months of the year, at 4.1 billion Swiss francs, compared to a "very strong" previous year.
Operating result fell by 13% to 547 million Swiss francs, it said.
The group said it expects "strong growth" in the second half, on the one hand due to continuing solid demand in its most important markets, and on the other hand due to the fact that the second half of 2018 was characterised by a "poor" fourth quarter.
The launch of new products in all price segments will also stimulate sales, it said.
In the end, Swatch expects positive sales growth for the entire year in comparison to the previous year.
Shares of the company were up 4.6% at 302.8 Swiss francs in morning trading. They have risen about 4% year to date.
Copyright (c) 2019 CercleFinance.com. All rights reserved.