×
109
Fashion Jobs
NIKE
Product Manager, ed&a Icc
Permanent · Bengaluru
LIFESTYLE BRANDS
Group Manager - E-Commerce Product (B2B)
Permanent · BENGALURU
LIFESTYLE BRANDS
Manager - Product, Louis Philippe
Permanent · BENGALURU
PANTALOONS HO
Senior Executive - Marketing
Permanent · MUMBAI
LIFESTYLE BRANDS
Executive -Key Accounts (Mis),lp
Permanent · BENGALURU
LIFESTYLE BRANDS
Manager - Trade Channel, Finance
Permanent · BENGALURU
LIFESTYLE BRANDS
Sales Executive - Kannur &Amp; Kasargod
Permanent · BENGALURU
LIFESTYLE BRANDS
Senior Executive - Garment Technician (ww &Amp; Kids), Pdqa
Permanent · BENGALURU
NIKE
Grc Compliance Analyst, India – Cis Icc
Permanent · Bengaluru
LIFESTYLE BRANDS
Manager - Marketing, Peter England - Bangalore
Permanent · BENGALURU
LOGIN CONSULTANCY
Marketing Manager
Permanent · INDORE
LOGIN CONSULTANCY
Marketing Manager
Permanent · BHOPAL
NIKE
Senior Product Owner, ed&a - Icc, India Capability Center (Contract)
Permanent · Bengaluru
NIKE
Senior Data & Analytics Business Systems Analyst (Consumer Data Engineering), ed&a - Icc, India Capability Center (Contract)
Permanent · Bengaluru
PANTALOONS HO
Assistant Brand Manager - Mumbai
Permanent · MUMBAI
NIKE
Sap Platform Offshore Technology Capability Leader – Sec Idc
Permanent · BENGALURU
L BRANDS
HR sr Generalist
Permanent · Bengaluru
NOTEBOOK
Graphic Design Intern
Internship · NOIDA
BROADCAST THE COMPANY
Digital Marketing Internship
Internship · MUMBAI
NIKE
Software Engineering Manager, India – Move Icc
Permanent · Bengaluru
NIKE
Senior Data Analyst, ed&a Icc
Permanent · Bengaluru
NIKE
Principal Software Engineer, India – Move Icc
Permanent · Bengaluru

Swatch sales nearly halved due to coronavirus

By
AFP
Published
Jul 15, 2020
Reading time
2 minutes
Share
Download
Download the article
Print
Click here to print
Text size
aA+ aA-

Swatch, the world's top watch company, said Tuesday its sales were nearly halved in the first half of the year due to coronavirus lockdowns, but that it has already returned to profitable operations.


Longines



The Swiss-based group whose brands also include Omega, Longines and Tissot, said sales plunged by 46.1 percent in the first half of 2020 from the same period last year to 2.2 billion Swiss francs ($2.3 billion, 2.1 billion euros).

It registered a net loss of 308 million francs for the period, against a profit of 415 million for the first six months of 2019.

The sales figures were just below the analyst consensus established by Swiss financial news agency AWP, while the loss far exceeded the 250 million francs expected by experts.

The company said state-imposed lockdowns to slow the spread of the novel coronavirus had at times shut up to 80 percent of its sales channels, but by June its operations had already returned to profit.

"The Group's management is convinced that the sales and profit situation will improve quickly in the coming months, parallel to the further easing of Covid-19 measures" in countries, it said in an earnings statement.

"A positive operating result is expected for the full year," it added.

Swatch said launches of new products as well as lower costs should help it overcome the first half loss, and pointed to a strong rebound in areas where lockdowns have been lifted, including double-digit sales growth in mainland China in May and June compared to the same period last year.

The company shuttered definitively some 260 sales points during the first half of the year and it shed 6.5 percent of staff over the period to around 33,700 employees.

Copyright © 2020 AFP. All rights reserved. All information displayed in this section (dispatches, photographs, logos) are protected by intellectual property rights owned by Agence France-Presse. As a consequence you may not copy, reproduce, modify, transmit, publish, display or in any way commercially exploit any of the contents of this section without the prior written consent of Agence France-Presses.