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Swatch annual profit plunges but targets return to 'healthy growth'

SWATCH Group cut its dividend after weak sales and high fixed costs at the world's biggest watchmaker drove annual profit sharply lower, although it held out the prospect of a return to "healthy growth" this year.

Swiss watchmakers have been hurt by declining sales in their biggest markets, Hong Kong and the US, and tourist shoppers avoiding Europe for fear of extremist attacks, but recently mainland China sales turned the corner.

"Based on the positive development of the last three

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