Currency movements knocked SFr56m off sales and pushed operating margins down to 18 percent, but sales did at least grow, even in franc terms.

汇率变动使斯沃琪的销售额减少了5600万瑞郎，致使其营运利润率降至18%，但即使按瑞郎计算，斯沃琪的销售额还是增长了。

China is another headwind; it accounts for a third of sales. A clampdown on gifting had alreadyaffected the company’s high-end brands. Recent turmoil in China’s financial markets might yetcurb consumer appetite for mid-market watches, or the ability of Chinese to exploit regionalprice differentials for luxury goods by holidaying in Europe.

中国是另一个不利因素;该市场占斯沃琪销售额的三分之一。中国政府对送礼的打击已经对斯沃琪旗下的高端品牌造成影响。最近中国金融市场的动荡可能还会抑制消费者对中档手表的兴趣，或者降低中国人到欧洲度假时利用地区差价购买奢侈品的能力。

Swatch is responding sensibly. Although committed to increasing market share, it stillmanaged to raise prices in Europe and has held them in China. It is introducing new products,expanding its retail network and sounded notably optimistic about the second half. Despiteits expansion plans, inventories rose only modestly in the first half, suggesting the companyis not struggling to sell merchandise.

斯沃琪做出了合理的回应。尽管斯沃琪寻求扩大市场份额，该公司依然成功地在欧洲提高了价格，并保持了中国市场的价格。斯沃琪正在推出新产品、扩大零售网络，听上去对下半年也非常乐观。尽管有扩张计划，但今年上半年斯沃琪的库存仅小幅增加，说明该公司的销售情况不错。

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