Swatch Group Reports 70% Profit Drop Amid Weak China Demand

The Swiss watchmaker faces significant declines in sales and profits, with China and foreign exchange impacts as major factors.

Swatch Group's first-half net income fell to 147 million Swiss francs, down 70.5%.
Revenue dropped 10.7% to 3.45 billion Swiss francs, missing consensus expectations.
Shares fell over 11% in response to the disappointing financial results.
The company cited weak demand in China and negative currency impacts as primary reasons.
Swatch expects improvement in the second half of 2024, aided by cost-cutting measures and strong performance in markets like Japan and the U.S.