Swatch Posts Higher Full-Year Profit

Swatch Group AG SWGAY reported upbeat full-year earnings. Swatch's net profit for 2013 surged 20% to 1.92 billion Swiss francs ($2.12 billion), versus 1.6 billion francs, in the year-ago period. However, analysts were estimating a net profit of about 1.73 billion francs. Its gross sales came in at 8.82 billion francs. Swatch shares closed at $29.42 yesterday.