Swatch Group CEO says August sales strong-paper

* Nick Hayek says August sales above 2008 level

* Swatch Group on track for record 2010 sales and profit

ZURICH, Sept 4 (BestGrowthStock) – Swatch Group (UHR.VX: ), the
world’s largest watchmaker, is on track to achieve record sales
and profit this year after August sales confirmed the strong
pickup in demand seen in the first half, the group’s CEO was
quoted as saying.

Asked about the group’s performance in August, Chief
Executive Nick Hayek said in a newspaper interview published on
Saturday: “We are above 2008 levels, which is our benchmark
year.”

“We’ll clearly cross the 6 billion Swiss francs ($5.62
billion) threshold for sales this year and shall also post a
record profit, if the exchange rates do not get in our way,”
Hayek told Swiss French-language newspaper Le Temps.

The group’s entry-price Swatch brand, known for its
colourful plastic watches, could achieve one billion Swiss
francs sales next year, competing with the group’s Tissot and
higher-end Longines and Breguet brands that are not far from
the one-billion-mark, Hayek said.

Longer term, the company could reach 10 billion francs
annual sales thanks to its organic growth, the CEO said, adding
that Swatch Group wanted to build new factories in Switzerland
and was hiring watchmakers.

Last month, the company posted record sales of 3.03 billion
Swiss francs for its first half thanks to strong demand from
China and Russia. [ID:nN03185591]
(Reporting by Silke Koltrowitz; Editing by Sugita Katyal)

Swatch Group CEO says August sales strong-paper