6.6% Rise in Swatch 2008 Watch & Jewelry Sales

Swiss watch maker Swatch reported total group sales of CHF 5.966 billion in 2008, rising 4.3 percent in local currencies and 0.4 percent in Swiss Francs. Doing well in a tough economic environment, watch and jewelry sales increased 6.6 percent at constant rates and 1.8 percent in Swiss francs.

The results are especially impressive in light of the very strong growth the group posted in 2007 compared to 2006.

The company noted extremely volatile currency exchange rates, in particular the Euro and British pound, but also the U.S. dollar, which negatively impacted group sales by CHF 233 million or 3.9 percent.

Swatch said it is “cautious but not pessimistic” for the next few months, not expecting a disastrous development.

“A decrease in the first three to four months compared to the very high previous year figures indicates a rather manageable recession,” the firm said Thursday. Swatch anticipates sales to rebound in the second half of 2009.