The Swatch Group, the Swiss maker of watches and luxury jewelry reported on Monday a decline in net sales at current exchange rates of 14.3% in the first half of 2024 compared to the same period a year ago.
Net sales came in at 3.4 billion Swiss francs ($3.8 billion) in the January through June period.
Swatch, the maker of Omega, Tissot and Blancpain watches, attributed the decline primarily due to a drop in demand for luxury goods in China.
Operating results declined to 204 million francs from 686 million francs a year ago.
Net results were 136 million francs, down from 486 million francs last year.
Looking ahead, Swatch said in a statement, “The cost-cutting programme introduced at the start of the year has begun to bear fruits. The full positive impact, particularly on results in the production segment, will be felt in the second half of the year.”