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Tuesday, February 09, 2010
Swatch Group Profit Drops As Watch Sales Fall
By Steve Goldstein
MarketWatch Pulse
LONDON -- Swatch Group said its annual profit fell to 759 million Swiss francs ($708 million) from 834 million francs, as sales fell to 5.14 billion francs from 5.68 billion francs. Analysts polled by Dow Jones Newswires expected a 700 million franc profit. Swatch said its 5.5% drop in watch sales at constant currencies outperformed the 22% drop for the broader market, which included market share gains across all price segments. Its outlook for 2010 is "excellent" after the second-best January in its history.
Copyright © 2010 MarketWatch, Inc.
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