Sums switch swats Swatch
12 April 2012
A SWITCH to international accounting standards is set to hit profits at Swiss watchmaker and jeweller Swatch. The group said net profits for 2000 would be revised down by 15% and 2001 operating profits would drop 'somewhat above' 10%.
The warning came alongside figures that showed the group was hard hit by a year-end sales downturn. Overall sales totalled Swfr4.18bn (£1.74bn), ahead 0.7% in local currencies but down 1.9% when translated into Swiss francs. Sales of watches, which include the Blancpain, Breguet, Omega and Tissot brands, fell 2.8% to Swfr3.03bn.
The group blamed poor consumer sentiment at the year end. It is looking to a Swatch Valentine's Day range and a collection by British designer Vivienne Westwood to revive its fortunes.
