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ZURICH: Swatch Group is making between 50 million and 60 million Swiss francs less in sales each month because of the strong Swiss franc, the group's head was quoted as saying in a Swiss newspaper on Sunday.
The world's largest watchmaker said last week it may not reach its full-year sales guidance of 7 billion francs if the franc stays at such high levels.
The franc has risen to record highs against the euro and the dollar and this is squeezing the margins of many companies in Switzerland.
"We are making each month 50 to 60 million francs less in sales
COPYRIGHT REUTERS, 2011
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