The world's leading watch producer, Swatch, has lowered its results by - 9.8% for this year's first semester, for a turnover of 2.022 billion Swiss francs (against 1.977 billion SFr. for the same period in 2000, a figure corresponding to a 2.3% increase). This is a blow for the low cost plastic watch style that has been the group's top-line image for almost 20 years.
The results should prompt Nicolas G. Hayek, President and CEO of the Swatch Group, to review its objectives. In June, a 10 to 12% growth was expected for 2001, now the group foresees a +5 to +8% growth thill Christmas.
In million CHF1st half of 20011st half of 2000ProgressionGroup turnover20221977+ 45+ 2.3 %*)Group result231256**)- 25- 9.8 %Sales in million units (watches, movements and stepping motors)
55.5 50.9+ 4.6+ 9.0 %*) excluding effect of foreign currency rates = + 4.0 %
**) excluding extraordinary income on a convertible bond

Source: Swatch Group press release