• Group net sales of CHF 4 078 million, -3.7% at constant exchange rates compared to a very strong previous year, and -4.4% at current rates. 
• Operating result of CHF 547 million, -13.0% to the previous year. Operating margin amounted to 13.4% versus 14.7% in the previous year.
• Net income of CHF 415 million, -11.3% to the previous year, with a net margin of 10.2%, com-pared to 11.0% in the previous year.
• Further growth in the major markets of Mainland China, Japan and the USA, in all price seg-ments.
• Uncompromising action against grey market dealers, especially in Europe, the Middle East, Eastern Europe and South America, at the expense of a short-term negative impact on sales in the first half year in the triple-digit millions. In the long term, this will lead to positive effects, especially in the major markets.
• Strong organic sales growth in the Group’s own retail.
• Marked increase in e-commerce, especially in the middle and basic segment.
• Positive overall annual growth for the Group expected.

Outlook second half-year 2019

The Swatch Group anticipates strong growth in the second half of 2019, on the one hand, due to continuing solid demand in the most important markets, and on the other hand, due to the fact that the second half of 2018 was characterized by a poor fourth quarter.

The launch of numerous innovative new products by the brands in all price segments will further stimulate sales. The successfully implemented e-commerce, especially in the middle and basic segment, will generate dynamic growth in the second half of the year. 

The Group expects positive sales growth for the entire year in comparison to the previous year.