SWGAY Swatch Group AG (PK)

   By Anthony Shevlin 
 

Shares in Swatch Group AG (UHR.EB) trade higher on Wednesday after the company guided for strong growth ahead despite a fall in first-half profits.

The Swiss watchmaker sees strong growth in the second half due to solid demand in its most important markets and easier comparatives because of a weak final quarter the year previous.

At GMT 0712 shares in Swatch traded 4.8% higher at CHF303.40.

The company said net income in the first half fell to 404 million Swiss francs ($409.5 million) from CHF458 million the year prior.

Sales for the period were CHF4.08 billion, down 3.7% at constant exchange rates.

Citi analysts said Swatch's outlook for the second half is "positive" and said its first-half sales miss was largely driven by the rationalization of gray-markets dealers.

Write to Anthony Shevlin at anthony.shevlin@dowjones.com

(END) Dow Jones Newswires

July 17, 2019 03:35 ET (07:35 GMT)

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