Swatch Group’s net sales up 7% in H1

For the first six months of 2014, Swatch Group’s net sales were up 7 percent on y-o-y basis to $4.54 billon, at constant exchange rates.

Gross sales increased 9 percent to $4.82 billion.

The company’s watches and jewellery segment (including production) noted a 9 percent increase (on y-o-y basis) in gross sales at constant exchange rates. In this period a fire at the ETA factory late in 2013, affected sales to the value of around $221.7 million, as per the company.

Operating profit dropped 9 percent (on y-o-y basis) to $920.1 million. During this period the company witnessed marketing expenses towards the 2014 Winter Olympics in Sochi, which it attributes to have affected the drop partially.

There was a 12 percent decrease in net income to $753.8 million. Net income as a percent of net sales dropped from 19 percent to 17 percent.