Net income for Swatch Group decreases by 28%

Swatch Group has reported its financial results for the first six months of the current fiscal. Gross sales amounted to $2.3 billion, decreasing by 17 percent, while net income dipped by 28 percent to $280.9 million.

The Group is hoping for improvement in sales in the future, as markets are recovering. It is slating to present a portfolio of new launches including some from Breguet, Tiffany, Omega, Tissot and Swatch.

During the first half of the current fiscal, operating profits decreased by 41.8 percent to $321.9 million, with operating profit margin of 14.7 percent of net sales, down from 21 percent in the first half of 2008, reports say.