Swatch Group 2002 Sales Slip, Galeries Lafayette Sales Increase
February 05, 03
The Swatch Group, the world's largest watchmaker, reported lower 2002 sales of 4.06 billion Swiss francs ($3.01 billion). The consensus among market analysts for Swatch's 2002 operating profit is a 6.5 percent decline to 611 million francs ($101 million) and a 10 percent drop in net profit to 487 million ($80 million).
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Philippe Houze, Co-Chief Executive said that Galeries Lafayette expects both operating and net profit for 2002 to show more than 15 percent growth. In 2001 operating profit was €229.9 million ($249 million) while net earnings stood at €98.5 million ($107 million).