TOKYO -- Japan's Citizen Watch likely saw group operating profit slump 27% to about 19 billion yen ($169 million) for the nine months ended December amid slowing shipments of intricate watch mechanisms to China.
Sales apparently slid 11% to around 240 billion yen. Citizen produces the movements that drive watches' motion. These mechanisms are used in Chinese-made timepieces, which are exported to Europe and elsewhere. Sluggish global economic growth has weighed on watch sales, reducing demand for movements.
