FRANKFURT (dpa-AFX) - The Swatch Group, the Swiss manufacturer of watches
and jewellery, on Monday reported that net sales at current exchange
rates declined 14.3% in the first half of 2024 compared to same
period a year ago.

Net sales came in at 3.4 billion Swiss francs ($3.8 billion) in the
January through June period.

Swatch, the maker of Omega, Tissot and Blancpain watches, attributed
the decline primarily due to drop in demand for luxury goods in
China, including the special administrative regions of Hong Kong and
Macau.

Operating results declined to 204 million francs from 686 million
francs a year ago.

Net results were 136 million francs, down from 486 million francs
last year.

Looking ahead, Swatch said in a statement, 'The cost-cutting
programme introduced at the start of the year has begun to bear
fruits. The full positive impact, particularly on results in the
production segment, will be felt in the second half of the year.'


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