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 | Lemkin Institute petition seeks release of Armenians in Azerbaijan The Lemkin Institute is deeply concerned about the continued illegal detention of political prisoners from Karabakh in Azerbaijan. Armenian Catholicos calls for national unity against threats Karekin II issued a message on Republic Day marking the anniversary of the First Armenian Republic. Pashinyan: Armenia’s desired goal is “on the horizon” Prime Minister Nikol Pashinyan has said that Armenia is moving forward “without interruption”. Opposition leader, supporters spend night at Sardarapat memorial Police made nearly 300 arrests the day before as Galstanyan and his supporters continued to demonstrate in Yerevan. |