Swatch tells of hard times for watches

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The Swiss firm said sales dropped between 10% and 14% in the past two months as it fell victim to the global downturn and collapse in spending.

However, chairman Nicolas Hayek was more upbeat about the second half of the year. "We have had positive early indications from our distribution network," he said.

"It seems that the worst is behind us when we look at the figures for February. But that doesn't mean we have reached the end of the tunnel yet." Swatch, best known for its colourful plastic watches but also owner of a range of higher-end brands, said it expects "modest growth" in revenues this year despite the early slump. It follows a small rise in sales last year although analysts are concerned Swatch may to too optimistic.

Luxury brands weathered the early part of the economic downturn better than most. Sales tumbled last autumn as the financial crisis escalated.