Swatch boasts $6 billion in annual salesJanuary 10, 2012 - 14:49 AMT PanARMENIAN.Net - The world's biggest watch group Swatch said Tuesday, Jan 10, it has for the first time exceeded 7 billion Swiss francs ($6 billion) in annual sales despite the negative impact of the strong local currency. The group expects 2012 to be a year of "great challenge" but said it is "confident of generating quality growth." At constant exchange rates, sales last year jump 21.7 percent to 7.1 billion Swiss francs ($5.9 billion), Swatch said in a statement. However, using current exchange rates to reflect the Swiss franc's strong gains over the past year, sales were down 10.8 percent. "Strong brands have registered excellent growth for the group not only in Greater China but also in all other regions and in all price segments," Swatch said. The group said that despite the negative effects of the exchange rate, it expects a "good" net and operating profit. A strong Swiss franc means that overseas sales in foreign currencies come in lower when converted into the local unit, AFP reported. Top stories Yerevan has dismissed Turkey’s demand to shut down the Armenian nuclear power plant as “inappropriate”. Armenia will loan 2.9 billion drams to Nagorno Karabakh (Artsakh), according to a draft government decision. The Ministry of Ecology and Natural Resources of Azerbaijan has “strongly condemned” Armenia’s decision. Kerobyan has said that for the first time in the history of Armenia, the volume of foreign direct investments amounted to about $1 billion. Partner news | Titus, Bilirakis lead legislation to sanction Azerbaijani war criminals Representatives Dina Titus (D-NV) and Gus Bilirakis (R-FL) have introduced the bipartisan legislation. Azerbaijan must respect human rights, Scholz tells Aliyev German Chancellor Olaf Scholz has called for greater respect for human rights in Azerbaijan. Armenia: Defense Ministry warns against involving army in political processes The Ministry’s statement came after a video surfaced online, showing soldiers joining the protests in Tavush. Scholz hopes Armenia-Azerbaijan peace treaty will be signed this year German Chancellor Olaf Scholz hopes that a peace treaty between Armenia and Azerbaijan will be signed this year. |