Swatch Group reported a steep fall in first half sales and earnings on Monday as the world's biggest watchmaker struggled with weaker demand in China.
The sales figure missed the 3.75 billion francs forecast by analysts in a consensus gathered by Visible Alpha.
Net profit tumbled to 147 million francs from 498 million francs, it added.
Sales during the first half of the year were hurt by a negative currency impact of 145 million francs, it noted.
Sales figures outside of China in local currencies were at the level of 2023, a record year, Swatch said.
Persons:
Nick Hayek, Tissot, Longines
Organizations:
Swatch Group, Swatch ETA, Swatch, Alpha
Locations:
Grenchen, Switzerland, China, Swiss, Hong Kong, Macau, Japan, United States