Swatch: first-half results slightly below expectations.
(CercleFinance.com) - The Swatch Group share is up 0.
2% this morning in Zurich after reporting firs-half results that are slightly below expectations, although the group said it had a positive outlook for the second part of the year, with many new product launches ahead.
Group net sales fell 0.3% at current exchange rates, to 3.7 billion Swiss francs, versus the consensus of 3.76 billion Swiss francs.
At constant exchange rates, first-half sales were up 1.2%.
"Note that the comparison basis was very undemanding as first-half 2016 sales fell 12.5% at same forex," analysts at Bryan Garnier pointed out.
At the same time, the group's operating profit increased by 5.1% to 371 million Swiss francs, versus the consensus of 400 million Swiss francs, with net income up 6.8% to 281 million Swiss francs.
For the second half of the year, Swatch anticipates a "very positive growth" in local currency.
After opening slightly down, Swatch shares - which have gained 13% year-to-date - are currently up 0.2% at 365.1 Swiss francs on the SIX Swiss Exchange.
Copyright (c) 2017 CercleFinance.com. All rights reserved.
2% this morning in Zurich after reporting firs-half results that are slightly below expectations, although the group said it had a positive outlook for the second part of the year, with many new product launches ahead.
Group net sales fell 0.3% at current exchange rates, to 3.7 billion Swiss francs, versus the consensus of 3.76 billion Swiss francs.
At constant exchange rates, first-half sales were up 1.2%.
"Note that the comparison basis was very undemanding as first-half 2016 sales fell 12.5% at same forex," analysts at Bryan Garnier pointed out.
At the same time, the group's operating profit increased by 5.1% to 371 million Swiss francs, versus the consensus of 400 million Swiss francs, with net income up 6.8% to 281 million Swiss francs.
For the second half of the year, Swatch anticipates a "very positive growth" in local currency.
After opening slightly down, Swatch shares - which have gained 13% year-to-date - are currently up 0.2% at 365.1 Swiss francs on the SIX Swiss Exchange.
Copyright (c) 2017 CercleFinance.com. All rights reserved.