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Swatch First-Half Profit Declines to Lowest in Seven Years

  • Swatch says slump in Hong Kong retail sales has bottomed out
  • Swatch sees full-year results close to previous year’s
A Swatch Group AG Watch Store As Swiss National Bank Abandons Franc Currency Cap
Photographer: Chris Ratcliffe/Bloomberg
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Swatch Group AG, the maker of Omega and Tissot timepieces, reported its lowest first-half profit in seven years as demand cratered in Hong Kong, France and Switzerland.

First-half operating profit declined 54 percent to 353 million francs ($359 million), the Biel, Switzerland-based company said in a statement Thursday. The company said last week that earnings at that level probably fell 50 percent to 60 percent, sending its shares plummeting. The stock advanced 1.8 percent in Zurich trading Thursday.